Paramount has officially confirmed that Mattel will take over global licensing rights for Teenage Mutant Ninja Turtles toys, ending a nearly four-decade partnership between Playmates Toys and the iconic brand. The multi-year deal begins in 2027, closing out Playmates’ tenure that started in 1988 and helped turn the heroes in a half shell into a worldwide phenomenon.
The company’s statement described the agreement as part of a “long-term global strategy” aimed at expanding the TMNT brand through new toy lines and cross-market partnerships. Playmates’ exit marks the end of an era for a Hong Kong-based company whose toys defined generations of fans. Industry watchers say few licensors remain as closely tied to a single franchise as Playmates once was to Teenage Mutant Ninja Turtles.
Sources inside Paramount linked the shift to broader corporate restructuring after the Paramount-Skydance merger. Executives familiar with the deal say higher licensing fees under the new leadership likely drove the change. “Costs went up sharply, and renewals became less flexible,” one licensing analyst told FOX News Digital. “Playmates had a long run, but Mattel has the scale to handle aggressive global rollouts.”
The official statement read as follows:
Paramount, a Skydance Corporation (Nasdaq: PSKY), a leading next generation global media and entertainment company, and Mattel, Inc. (Nasdaq: MAT), a leading global play and family entertainment company and owner of one of the most iconic brand portfolios in the world, today announced a global, multi-year licensing agreement to develop and market a wide range of products for the iconic Teenage Mutant Ninja Turtles brand.
Beginning in 2027, action figures, playsets and accessories, vehicles, games, collectibles, role play and more are set to roll out across retailers. Through the agreement, Mattel will also produce new product lines for the animated movie sequel Teenage Mutant Ninja Turtles: Mutant Mayhem 2 for 2027, and a new untitled Teenage Mutant Ninja Turtles live-action/CG animation hybrid in 2028.
Roberto Stanichi, EVP and Chief Global Brand Officer, Mattel said: “Teenage Mutant Ninja Turtles is one of the most successful entertainment franchises in history, and partnering with Paramount on this iconic property marks a significant moment for Mattel and the brand. The enduring power of the Turtles lies in their ability to evolve with each generation, and we are excited to bring these characters to life in new ways.”
Josh Silverman, President, Global Products & Experiences, Paramount said: “Teenage Mutant Ninja Turtles’ rich history and timeless legacy have created a powerful connection with audiences around the world. Extending the world of Teenage Mutant Ninja Turtles through so many different touchpoints is something we deeply value as we continue expanding the ways people can interact with and celebrate the world of these beloved brothers. We are pleased to embark on this next chapter with Mattel, whose ability to innovate on a global scale positions us to further grow the brand and engage fans across generations.”
Since its creation in 1984 by Kevin Eastman and Peter Laird, Teenage Mutant Ninja Turtles has grown into a global phenomenon, spanning comic books, hit television series, blockbuster films, live experiences, digital games, publishing and a powerhouse consumer products line. Today, Teenage Mutant Ninja Turtles continues to dominate screens and shelves worldwide, generating billions in retail sales and inspiring generations of fans.
This new licensing agreement builds upon the established relationship between Mattel and Paramount Products & Experiences, which spans brands and franchises in Paramount’s vast library.
Mattel’s win comes just a year after it reclaimed the DC Comics toy license. Analysts say the company’s strategy signals a wider push to dominate the action figure space at a time when nostalgic brands still drive strong retail performance. With Teenage Mutant Ninja Turtles again drawing attention through film, animation, and collectibles, Mattel’s move puts one of the most valuable pop culture properties back in its hands.
Paramount and Mattel are expected to unveil their first TMNT product line later this year. For fans and collectors, the shift ends one of the longest-running brand partnerships in modern toy history, setting the stage for a new corporate era in shell-shocking style.
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