Santa Monica-based toymaker Jakks Pacific Inc. announced that it had extended its licensing agreement with Century City-based Saban Brands, owner of the Power Rangers franchise.
The multi-year agreement will have Jakks exclusively manufacture, market and distribute adult and kids Halloween costumes and accessories for the Power Rangers franchise in the U.S., Canadian and Latin American markets, the company said. Financial details of the deal weren’t disclosed.
“We are thrilled to continue our long-standing partnership with Saban Brands … for its legendary superhero franchise,” Tara Hefter, senior vice president of global licensing at Jakks Pacific, said in a statement. “Our new line of seasonal products will bring to life Power Rangers in new ways for fans of all ages to enjoy.”
Jakks was ranked No. 104 on the Business Journal’s latest list of public companies based on market capitalization, with a value of $107.9 million as of June 30.
Saban Brands was formed in 2010 as an affiliate of Saban Capital Group, which was founded by Haim Saban in 2001. Saban was ranked 14th this year in the Business Journal’s list of wealthiest Angelenos with a net worth of $4.6 billion.
Last month, Jakks reported a decrease in net sales for its second quarter 2017 earnings, falling to $119.6 million from $141 million in the same period a year ago. The company attributed the decline to underperforming film-related licensed properties, as well as the suspension of sales with a retailer via one of its customers.
However, Jakks renewed a licensing deal with Disney this year to distribute the entertainment giant’s toys in China.
Manufacturing and trade reporter Shwanika Narayan can be reached at firstname.lastname@example.org. Follow her on Twitter @shwanika.