Mattel Announces Extension Of Relationship With Disney For Upcoming 'Cars' Movie

Mattel, Inc. (NASDAQ: MAT) announced on Wednesday an extension of a prior relationship with Walt Disney Co (NYSE: DIS)'s Consumer Products division.

As part of the extension, Mattel maintains its exclusive worldwide rights to manufacture, market and distribute toys and products based on Disney*Pixar's "Cars" franchise

"Cars 3" is scheduled to be released in June, 2017, according to IMDB.

Related Link: Disney CEO Bob Iger Says 'Star Wars' Movies Will Continue After 'Episode 9'

"We are very pleased that Disney Consumer Products has once again chosen Mattel to help bring its iconic Cars franchise and characters to life for children around the world," said Christopher Sinclair, chairman and CEO of Mattel. "Disney and Mattel have enjoyed an outstanding partnership for nearly 60 years, and we are thrilled to see the relationship continue in such a meaningful way."

"For almost a decade, Pixar's Cars has thrilled audiences and connected with families through its story of friendship and the excitement of the open road," said Leslie Ferraro, co-chair, Disney Consumer Products and Interactive Media, and president, Disney Consumer Products. "We're delighted to continue working with Mattel on this important franchise. They are the perfect partner to extend Pixar's storytelling with an innovative and engaging toy line for Cars 3."

Shares of Mattel were trading lower by 0.06 percent at $27.09 late Wednesday afternoon. Shares of Disney were lower by 0.96 percent at $95.36.