Hasbro's days of producing licensed products for Jurassic Park are coming to an end.
Earlier today, the mega corporation announced that they were unable to secure a new deal with Universal Pictures for the Jurassic Park license and 2017 will be its final year producing items for the brand.
According to CNBC, who covered the recent Hasbro conference call...
The company, which makes a significant part of its revenue through licensed products, revealed that it would no longer handle “Jurassic Park” licensing after 2017 during its earnings conference call.
Earlier, the company had posted quarterly profit and revenue that outpaced analyst estimates.
“We have had a many year relationship with Universal; we will no longer handle ‘Jurassic Park’ because they are unable to arrive at a mutually beneficial financial arrangement on that brand,” Brian Goldner, CEO of Hasbro, said during the call.
“Jurassic Park” was a headwind for the boys’ category in the latest quarter, and it would continue to have an impact into the third and fourth quarters, Goldner said.
The outlet goes on to reveal that Hasbro stock dropped more than 7% following the announcement that they had lost the license to the multi billion dollar film franchise.
This is certainly shocking news, however, if we're honest, Hasbro has really underwhelmed in the Jurassic Park area for well over a decade now. And their recent Jurassic World line, based off one of the most successful movies in history, was a huge disappointment overall.
Yes, with Hasbro losing the Jurassic Park license it is the end of an era, however, we're hoping bigger and brighter things are in the brand's future moving forward. It's time to pass the torch and let another company take a crack at this iconic line - ad hopefully give it its due.
Who would you like to see gain the Jurassic Park license next?
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