The pact, which Hasbro and Disney extended back in 2013, was expected to expire in 2020. Financial terms were not disclosed.
"We are pleased to build on our relationship with Disney and extend our agreement for Marvel and Star Wars franchises," Brian Goldner, Hasbro's chairman and CEO, said in a statement. "Disney's celebrated franchises are consistently ranked as top toy properties and provide expansive content for us to build upon for years to come."
Hasbro has long benefited from its relationship with Disney. In the last year, Hasbro's partner brands revenue rose 24% to $1.22 billion. The company pointed to strong sales of "Frozen 2," "Avengers," "Spider-Man" and "Star Wars" lines for the increase.
The strength of these sales is proof that Hasbro's partnership with Disney continues to be a lucrative and stabilizing one, particularly in a post-Toys R Us world. Toymakers have had to rely more heavily on Amazon, Walmart and Target, as well as shelf space in drug and grocery stores. Retailers have seen that licensed brands can more easily draw in customers because children enjoy reenacting scenes from popular movies and TV shows.
The agreement allows Hasbro to make products based on Marvel and Star Wars content on film, television and Disney+. Hasbro didn't say when the multiyear deal will expire.
Hasbro shares are down 7% midday Friday. The stock, which has a market value of $13.5 billion, has gained nearly 14% over the past year.