THQ Inc. on Wednesday said that it will be developing additional video games based on Mattel Inc. toy franchises under a new licensing deal.

The Agoura Hills video game developer and the El Segundo toymaker said that the multi-year agreement will include products based on Rock ‘Em Sock ‘Em Robots, Masters of the Universe and Polly Pocket. THQ eventually plans to produce and distribute video games based on Barbie, Hot Wheels and Fisher-Price products.

Terms were not disclosed.

The two companies are in development on several games, with the first expected to be ready in time for the next holiday season. The games are being developed for console and handheld platforms, including THQ’s new uDraw drawing tablet. THQ already had an agreement to license Mattel’s Pictionary game for that device.

This is the latest high-profile licensing deal for THQ, which completed a restructuring last year prompted by declining sales during the recession. Last fall it signed deals to develop games based on the alternative health and spirituality teachings of Dr. Deepak Chopra, will work with “Hellboy” director Guillermo del Toro to create an original trilogy of games, and signed an expanded agreement with World Wrestling Entertainment.

Shares were down 2 cents, or less than a percent, to $46.34 in midday trading on the Nasdaq.