Hasbro Inc., seeking to make gains on Mattel Inc. in the market for girls' toys, will develop dolls based on Walt Disney Co. princesses and the characters from last year's blockbuster "Frozen."
Under a new agreement between the two companies, Hasbro will sell dolls from films such as "Cinderella," "Beauty and the Beast" and "The Little Mermaid," as well as "Frozen," beginning in 2016, according to a statement Wednesday. Hasbro will get global rights to the characters, excluding Japan.
The move builds on Hasbro's effort to increase its appeal among girls, who once flocked to Mattel product lines such as Barbie. Over the past decade, Hasbro has used My Little Pony and other brands to expand its girls' business to more than $1 billion in revenue, up from less than $300 million.
"We have a true understanding of girls globally and how today's girls want to play," Hasbro Chief Executive Officer Brian Goldner said in the statement. "The entire Hasbro team is looking forward to providing consumers with inventive new play experiences based on the beloved Disney Princess and Frozen characters and stories."
Shares of Hasbro, based in Pawtucket, Rhode Island, gained as much as 3.5 percent to $54.78 after the Disney announcement. That's the biggest intraday gain since April 21. Before today, the stock was down 3.8 percent this year.