Mattel (NASDAQ:MAT) stock is rising higher on Wednesday as investors celebrate it beating rival toymaker Hasbro (NASDAQ:HAS) for a doll deal.
Mattel signed a deal with Disney (NYSE:DIS) that will have it handling the Disney Princess and Frozen lines. That includes “fashion dolls, small dolls, and figures” with the likenesses of Disney characters.
It’s worth pointing out that Mattel will start selling these toys at the start of 2023. Also, Hasbro previously had the license to these toy lines but lost them to Mattel this time around. It also builds Mattel’s license agreement with Disney, which already includes the Toy Story and Cars series, as well as the new Lightyear toyline for the upcoming movie of the same name.
Mattel says it plans to create dolls based on several Disney movies. That includes classics such as Aladdin, Beauty and the Beast, Cinderella, The Little Mermaid, Mulan, Pocahontas, and others. It will also make dolls for series streaming on Disney+, including Moana and Tiana.
Richard Dickson, president and COO of Mattel, said the following about the deal boosting MAT stock higher today.
“As the worldwide leader in dolls, we look forward to bringing our unique Mattel Playbook approach to brand management, product and marketing expertise, and unrelenting attention to detail and quality to create innovative and inspiring lines for these iconic stories and characters.”
Today’s news also has MAT stock seeing heavy trading. That has some 6 million shares moving as of this writing. For the record, the company’s daily average trading volume is about 2.8 million shares.
MAT stock is up 9.6% and HAS stock is down 2.7% as of Wednesday afternoon.
Investors seeking out more stock market news for Wednesday will want to stick around!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.