2023-07-25 11:20:44 ET
Mattel ( NASDAQ: MAT ) announced that it has renewed its licensing agreement with Warner Bros. Discovery Global Consumer Products. The toy company will continue as a Warner Bros.’ toy licensee for the preschool, plush, dolls, vehicles, games, and novelty toy categories, developing and marketing products for more than 50 Warner Bros. Discovery brands and franchises, including DC Universe, DC Super Friends, Batwheels, Harry Potter, Fantastic Beasts, FRIENDS, Seinfeld, and Ted Lasso, among others.
Mattel ( MAT ) has had a two decade partnership with Warner Bros. Discovery ( WBD ) that works both ways (toys to movies and movies to toys). Notably, Warner Bros. is the producer and distributor of the Barbie movie, based on Mattel’s ( MAT ) iconic doll. The Barbie movie shocked with a $162M weekend haul and brought in another $26M on Monday. However, Wall Street analysts have warned that an immediate boost to Mattel's ( MAT ) sales could be less than anticipated.
Shares of Mattel ( MAT ) were down 0.95% in Tuesday morning action. The toy stock is up about 18% over the last six weeks, with Barbie buzz accounting for at least a portion of the gain. The rally outpaced the 7% gain for Warner Bros. Discovery ( WBD ) over the same period.
More on the box office developments:
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- Is saving the 2023 summer box office an impossible mission?
- Box office in 2023: Disney, Universal duke it out while Warner lags
For further details see:
Barbie-boldened Mattel renews product licensing deal with Warner Bros.