It did not disclose financial terms of the agreement.
Licensing deals are crucial for toymakers, especially amid the health crisis. Demand for dolls and action figures soared to record highs as parents spent more on toys to keep children entertained at home.
It was seven years ago that Mattel lost the license to Hasbro. Mattel refocused by refurbishing its Barbie brand, launching dolls with different skin tones and a range of gender-neutral dolls. Hasbro, for its part, said it has renewed its licensing deal with Disney's Lucasfilm for "Star Wars" and would restart making products based on "Indiana Jones."
Shares of Mattel jumped 8% at the market open Wednesday. Hasbro fell.
