Warner Bros. Discovery’s Global Consumer Products division and Hasbro, Inc. have entered into a multi‑year licensing agreement that will make Hasbro the exclusive global master toy licensee for the Harry Potter franchise, with the partnership taking effect in 2027.
The deal comes at a pivotal moment for Hasbro, whose consumer‑products segment posted a 4% decline in 2025. The company’s Wizards of the Coast and Digital Gaming division, however, grew 45% in 2025, driving overall revenue to $4.7 billion. By securing the Harry Potter license, Hasbro aims to offset the consumer‑products downturn with a high‑margin, high‑visibility franchise that aligns with its “Playing to Win” strategy.
For Warner Bros. Discovery, the agreement opens a new revenue stream for its consumer‑products segment and dovetails with the launch of the HBO Original Harry Potter series in 2027. The partnership is positioned to capitalize on the franchise’s 25th‑anniversary celebrations and the enduring fan base, potentially boosting WBD’s content‑licensing revenue beyond the $10.3 billion generated by its Content Licensing Contracts segment in fiscal 2024.
Hasbro’s stock rose more than 8% on the day of the announcement, reflecting investor confidence in the company’s turnaround. The market reaction was driven by the combination of strong Q4 2025 earnings, the strategic acquisition of a marquee franchise, and the anticipated synergies with the upcoming HBO series.
Tim Kilpin, President of Toys, Games, Licensing and Entertainment at Hasbro, said the partnership “aligns perfectly with our mission to deliver a lifetime of play to generations of fans.” Robert Oberschelp, President of Warner Bros. Discovery Global Consumer Products, added that the deal “will deliver fresh, innovative toys, collectibles and games inspired by the beloved Harry Potter and Fantastic Beasts films and the new HBO Original TV series.”
The licensing agreement represents a significant strategic win for both companies: Hasbro gains a high‑profile franchise to rejuvenate its consumer‑products line, while WBD monetizes a beloved IP in a new channel, positioning both firms for growth in the evolving toy and entertainment landscape.
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