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The reunion sent Mattel's shares surging 11%
and is part of Chief Executive Ynon Kreiz's plan to turn the
company around by getting more entrenched in big entertainment
properties.
Mattel did not disclose the financial terms of the deal, which
came seven years after it lost the rights and will also allow it
to make dolls based on the "Frozen" movie franchise.
"This is a defining moment in our transformation," Kriez said in
an interview.
"This has been a key priority as part of our turnaround and we
worked very hard to win it ... the way we see it Disney Princess
and Frozen are back home where they belong."
The toymaker has in recent years seen a resurgence in sales of
the traditionally blonde Barbie doll thanks to new models with
different skin tones, professions and attires that have struck a
chord with a more diverse customer base.
Hasbro declined to comment but said it had renewed its licensing
deal with Disney-owned Lucasfilm for "Star Wars" and would
restart making products based on "Indiana Jones".
Mattel will start selling the toys that would also feature dolls
based on popular movies such as "Aladdin", "Beauty and the
Beast", "Brave", and "The Little Mermaid" from 2023.
The toymaker has struck similar deals with Disney for Pixar
Animation Studio's "Toy Story" and "Cars" franchises, as well as
"Lightyear."
(Reporting by Praveen Paramasivam in Bengaluru; Editing by
Saumyadeb Chakrabarty, Arun Koyyur and Aditya Soni)
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