Mattel recoups the Disney princess toy license, while Hasbro hangs on to Star Wars

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Disney character doll sisters, Elsa and Anna of Arendelle, from the Disney movie Frozen.Catherine Lane | Getty Images

Mattel shares jumped Wednesday after the toy manufacturer said it won the license to make toys based on Walt Disney's princess lineup, including the popular "Frozen" franchise.

It marks a significant triumph for Mattel after it lost the license to rival Hasbro in 2016.

Mattel's stock was recently up more than 6% in premarket trading. Hasbro was down nearly 2%.

Mattel will start selling new Disney toys in 2023, and the business will be managed by the same group that oversees its Barbie franchise. Financial terms of the deal weren't disclosed.

A representative from Hasbro didn't immediately respond to CNBC's request for comment.

Read the full press release from Mattel here.

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