JAKKS Pacific Signs Master Licensing Agreement To Produce Pet Products Based On Marvel Properties
MALIBU, Calif.--(BUSINESS WIRE)--Oct. 18, 2005--JAKKS Pacific, Inc. (Nasdaq:JAKK) has signed a Master licensing agreement with Marvel Enterprises, Inc. to develop and market products based on Classic and Movie Marvel Characters for categories including dog accessories, cat accessories, pet food and pet tents. The agreement covers products marketed under JAKKS' new pet division, JPI(TM). The products are expected to ship to retailers nationwide in Spring 2006.
JAKKS Pacific currently has rights to produce Plug It In & Play TV Games(TM) and other products based on Marvel properties. The new agreement includes classic and movie characters including, Spider-Man, X-Men, Hulk, Iron Man, Ghost Rider, Daredevil, Captain America and Fantastic Four.
Jack Friedman, Chairman and CEO, JAKKS Pacific, Inc., states, "Blockbuster movies drive sales of licensed products, and Marvel has one of the best portfolios of top entertainment brands. Pet owners regard their pets as an integral part of the family, and this drives the sales of licensed pet products. We believe that pet owners will choose the Spider-Man squeak toy or Fantastic Four snacks for their pets as an alternative to generic commodity versions."
Tim Rothwell, President of Marvel's Worldwide Consumer Media Group Division, adds, "We are excited to expand into this category with JAKKS Pacific and to be able to offer pet toys, accessories and more based on our Marvel classic and film properties. Our high-profile, globally-known characters are an ideal match for JAKKS' pet product line, and we are confident that their vision will result in yet another successful line of Marvel-licensed products."
JAKKS Pacific expects to begin shipping the new Marvel pet products in 2006 to retail locations nationwide.