McFarlane DC Multiverse figures

Mattel Reclaims DC Action Figure License—What It Means for McFarlane Toys and Collectors

The hierarchy of power in the DC toy universe is about to change.

Mattel is back in the superhero game. The toy giant has officially secured the master license to produce DC action figures and collectibles, marking its return to the brand after losing key rights six years ago. This new multi-year agreement with Warner Bros. Discovery, set to begin in late 2026, has massive implications—not just for Mattel’s future in the action figure market but also for McFarlane Toys, which currently holds the license for DC’s collector-focused figures.

Mattel Takes Over—What’s in the Deal?

“It’s a huge deal. You’re dealing with some of the greatest superheroes and some of the best action figure potential in the industry, and we’re incredibly excited by that,” said PJ Lewis, Mattel’s senior vice president and global head of action figures and Fisher-Price Entertainment.

Mattel originally lost key DC toy rights to competitors Spin Master and McFarlane Toys in 2019, limiting its output to preschool and girl-focused DC toys. However, this new deal brings the company back into the high-stakes world of collector-focused action figures, a market where McFarlane Toys has flourished in recent years with its DC Multiverse line.

Financial terms of the agreement have not been disclosed, but it’s clear that Mattel is making a strategic move to regain its foothold in the lucrative superhero toy business. Global toy sales have stabilized after pandemic-era spikes, with a growing number of adults—dubbed “kidults“—buying action figures and collectibles for themselves. In 2023, licensed toys made up 34% of the global toy market, proving that major IPs like DC remain a driving force in toy sales.

The new agreement grants Mattel broad rights to produce DC action figures, playsets, role-play items, and collectibles featuring all DC characters, including Batman, Superman, Wonder Woman, Joker, and Harley Quinn. Unlike Mattel’s previous limited license (which focused on preschool and girl-targeted DC toys), this deal signals a full-scale return—potentially including both mass-market and high-end figures.

Could McFarlane still make DC collectibles?

McFarlane Toys has been the dominant force in DC action figures since 2020, producing the widely popular DC Multiverse line in a 7-inch scale. However, with Mattel reclaiming full control over the DC action figure license, it appears McFarlane’s time with the brand is coming to an end.

While Mattel’s agreement officially begins in late 2026, McFarlane will likely stop producing DC figures by the end of 2025. Licensing transitions typically involve a “cooling-off” period, ensuring old stock is phased out before the new license holder steps in. Since McFarlane’s contract was previously extended through 2025, it’s highly probable that this year will be its final run with DC characters.

However, there is some precedent for multiple toy companies sharing an IP under specific conditions. For example:

  • Hasbro vs. Hot Toys (Marvel) – Hasbro holds the mass-market Marvel license, but Hot Toys is allowed to make premium 1/6 scale figures.
  • McFarlane vs. Mafex & Mezco (DC) – While McFarlane has had the main DC license, premium import brands like Mafex and Mezco have continued making high-end collector figures.
  • Spin Master vs. Mattel (DC Kids’ Toys) – Spin Master has handled 4-inch scale DC figures while McFarlane focused on larger-scale collector items.

Could McFarlane continue making 7-inch scale figures while Mattel handles the 6-inch range? It’s possible but unlikely. Master toy licenses usually cover all action figure scales, meaning McFarlane would have to either exit the DC market entirely or pivot to another niche—such as high-end statues, limited-run deluxe figures, or another specialty category.

What’s Next? Toy Fair 2025 Holds the Answers

With Toy Fair 2025 right around the corner this weekend, fans should expect major announcements regarding this transition. Key things to watch for:

  • Upcoming DCU Movie Tie-Ins – Mattel’s new figures will likely align with James Gunn’s Superman (2025) and other upcoming DCU films. If McFarlane still has rights in 2025, will they release final DCU figures before Mattel takes over?
  • Mattel’s Plans for DC Action Figures – Will they return to the 6-inch scale of DC Universe Classics, or adopt McFarlane’s 7-inch standard to maintain continuity?
  • McFarlane’s Response – Will Todd McFarlane confirm the end of DC Multiverse? Could the company announce a smaller-scale license or pivot to high-end collector pieces?

One thing is certain: the DC action figure landscape is about to undergo a big shake-up. Whether this marks the definitive end of DC Multiverse or simply a new chapter for McFarlane Toys remains to be seen, but with Toy Fair 2025 just days away, fans won’t have to wait long for answers. Until then, collectors should brace for a changing of the guard—because come 2026, Mattel will be steering the future of DC figures once again.

Published by Adam Birney

As a Senior Writer and Editor for The Cultured Nerd, Adam is as dialed-in to pop-culture as Bruce with the Batcomputer. In an era where clickbait reigns supreme and misinformation runs rampant, Adam strives to provide well-researched, accurate and unbiased insights to the realms of movies, video games, superheroes and more. After all, that's what being a 'cultured nerd' is all about.