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Jakks Pacific

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Jakks Pacific, Inc.
Company typePublic
Nasdaq: JAKK
Russell Microcap Index component
IndustryConsumer products
FoundedJanuary 12, 1995; 29 years ago (1995-01-12)
Founder
HeadquartersSanta Monica, California, U.S.
Key people
Stephen Berman (president and CEO)
Joel Bennett (CFO and EVP)
Websitejakks.com

Jakks Pacific, Inc. is an American toy manufacturer founded in January 1995. The company is best known for producing licensed action figures, playsets, dolls, plush toys and dress-up sets.

The company was founded by Jack Friedman, who had previously founded the toy and video game companies LJN and THQ. Friedman presided over the company, until retiring as CEO and chairman after March 31, 2010, a month before his death on May 3, 2010.[1]

History

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Jakks Pacific's logo, 1995–2015

Jack Friedman had previously founded THQ (Toy Headquarters), with the business producing both toys and interactive software. In 1994, the business would become solely focused around interactive software, with Friedman feeling discontentment from this.[2] He decided he wanted to go back to toys, so founded Jakks Pacific in January 1995. His first master toy license was a seven-year deal with the World Wrestling Federation (WWF) to mainly produce figurines and playsets, similar to how Hasbro grew to success with the G.I. Joe toy line.[3] In July 1998, the seven-year-deal that would have expired in 2002, was extended to December 2009.[4]

In 1997, Jakks Pacific purchased the defunct Remco brand from Azrak-Hamway International (AHI).[5]

Child Guidance, and Road Champions in 1997; Berk and Flying Colors in 1999; Pentech in 2000; Toymax, Go Fly A Kite, and Funnoodle in 2002; Color Workshop and Trendmasters in 2003; Play Along Toys in 2004;[6] Pet Pal Corp. in 2005; Creative Designs International in 2006; and Kids Only Toys, Tollytots, and Disguise in 2008.[clarification needed]

In June 1998, Jakks Pacific entered into a joint-license agreement with THQ to release WWF video games, to release their first title in October 1999.[7] Under the deal, publishing would be handled by THQ, and with most of the development being handled by Yuke's.[8] In October 2004, it emerged that the (since renamed) WWE had filed a lawsuit against Jakks Pacific, alleging that both parties had given bribes to the WWF executive Jim Bell and agent Stanley Shenker to hide 'superior' pitches from other publishers, such as Activision.[9] The federal suit was dismissed in December 2007, the state court litigation was dismissed in August 2008 and an appeal was dismissed by the court of appeals in May 2009.[10][11][12] In December 2009, WWE announced settlement of the litigation, without any party admitting any wrongdoing. By this point, the WWF's Bell and Shenker had both pleaded guilty to fraud involving illegitimate kick-back schemes.[13] The end of 2009 saw the end of the joint-license agreement, THQ signed a new eight-year video game license with WWE, without Jakks Pacific.[14]

In early 2002, Jakks began working on their own interactive software with creating their own handheld TV games called Plug It in & Play TV Games, where the user plugs the device straight into the television.[15] As of 2002, the original TV Games device from Jakks Pacific sold over 350,000 units.[16] By 2004, the TV Games series had sold 1 million units.[17] As of 2007, Pac-Man TV Games sold over 15 million units.[18]

In December 2002, FUNimation Entertaiment awarded Jakks Pacific with the master toy license to produce toys based on the Dragon Ball, Dragon Ball Z and Dragon Ball GT licenses.[19]

In February 2005, Jakks Pacific was instructed to restate the financial statements for fiscal year 2003 to account for the acquisition of Toymax, Trendmasters, and P&M Products.[20]

Also in 2005, Jakks signed a toy deal with Black+Decker.[21]

In February 2006, Jakks Pacific announced it had signed a partnership with Metro-Goldwyn-Mayer (MGM) to make toys and playsets based on the Rocky franchise.[22]

In June 2006, Jakks and Pokémon signed a master toy licensing deal.[23]

In February 2008, it was announced that Jakks Pacific would sign a five-year deal with Total Nonstop Action Wrestling (TNA), to commence in 2010. The existing WWE deal would expire in December 2009.[24]

In March 2008, the company announced it had signed a deal with Taylor Swift and the Creative Artists Agency (CAA) to produce a licensed series of dolls.[25]

In June 2008, Jakks Pacific announced it had signed a four-year deal with Ultimate Fighting Championship (UFC) to produce action figures and licensed toys.[26]

In 2010, the company formed Pacific Animation Partners LLC, a joint venture between that company and Dentsu Entertainment USA, Fremantle, and Topps, to launch the Monsuno property in 2012.[27][28]

In 2012, Jakks Pacific announced the successful negotiation of licences for The Dark Knight Rises and The Amazing Spider-Man, promoting new toy ranges at the New York and other International Toy Fairs.

In 2014, the company launched Jakks Meisheng Trading, a joint venture with Meisheng Culture and Creative Corp., to bring its toys to China.[29] In 2016, the two created Studio JP, a joint venture to produce animation.[30]

In September 2015, it was announced that Jakks Pacific had signed a new licensing deal with WWE, but this time with Jakks making role-play sets and action figures, but only for Asian-Pacific region.[31] Jakks would also work alongside Vivid Imaginations and Headstart Toys to make Oooshies, collectible rubber penciltips.

In February 2017, Jakks and Warner Bros. Consumer Products signed a deal for DC Super Hero Girls related merchandise.[32]

In July 2017, Jakks signed a deal with Chicco to manufacture and distribute inspired merchandise for the United States and Canada.[33]

In January 2023, Jakks Pacific signed a deal with Nintendo and Illumination to create toys for The Super Mario Bros. Movie.[34]

In October 2023, Sega and Jakks Pacific formed a deal to make toys for Sonic the Hedgehog 3.[35]

In May 2024, Jakks Pacific and its costume division Disguise entered into a partnership with Dav Pilkey to make merchandise based on the Dog Man comic book series and film.[36]

References

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  1. ^ Crowe, Deborah (May 3, 2010). "Jakks Founder Jack Friedman Dies (LABJ)". Los Angeles Business Journal. Retrieved July 22, 2020.
  2. ^ X (May 6, 2010). "Jack Friedman dies at 70; toy maker". Los Angeles Times. Retrieved July 18, 2024.
  3. ^ "Big Jakk Attack". Forbes. Retrieved July 17, 2024.
  4. ^ "JAKKS Pacific Inc. Extends Term of WWF License Agreement With Titan Sports Inc - Document - Gale General OneFile". go.gale.com. Retrieved October 22, 2024.
  5. ^ "Remco". Toy Tales. September 16, 2022. Retrieved July 20, 2024.
  6. ^ "Jakks Pacific completes Play Along buy". www.bizjournals.com. June 14, 2004. Retrieved March 14, 2024.
  7. ^ "WWE's latest THQ suit detailed". GameSpot. Retrieved July 26, 2024.
  8. ^ "THQ pins Jakks in WWE license fight". GameSpot. Retrieved July 20, 2024.
  9. ^ Editor, Rob Fahey Contributing (October 20, 2004). "WWE sues Jakks and THQ over alleged bribery and racketeering". GamesIndustry.biz. Retrieved July 20, 2024. {{cite web}}: |last= has generic name (help)
  10. ^ "WWE's Lawsuit Against JAKKS Pacific In Federal Court Dismissed | Rajah.com". rajah.com. Retrieved July 20, 2024.
  11. ^ staff-author (August 28, 2008). "Court Dismisses WWE Suit Against Jakks". Los Angeles Business Journal. Retrieved July 20, 2024. {{cite web}}: |last= has generic name (help)
  12. ^ "COURT OF APPEALS AFFIRMS DISMISSAL OF WWE LAWSUIT AGAINST JAKKS | WrestlingFigs". Retrieved July 20, 2024.
  13. ^ "FORMER WWE VICE PRESIDENT AND LICENSING AGENT HEADING TO PRISON AFTER DEFRAUDING COMPANY | PWInsider.com". www.pwinsider.com. Retrieved July 31, 2024.
  14. ^ "THQ, WWE AND Jakks Pacific Announce Settlement of Long-Standing Litigation". corporate.wwe.com. Retrieved July 26, 2024.
  15. ^ Contributor, GamesIndustry biz (September 1, 2009). "JAKKS Pacific TV Games". GamesIndustry.biz. Retrieved July 26, 2024. {{cite web}}: |last= has generic name (help)
  16. ^ "Reuters Company News Jakks Pacific signs license deal with Nickelodeon". Jakks Pacific. May 13, 2002. Archived from the original on October 18, 2002. Retrieved March 28, 2024.
  17. ^ "The Revenge of Pac-Man". Lakeland Ledger. June 6, 2004. Retrieved July 17, 2024.
  18. ^ "Jakks Pacific, Namco Extend TV Game Partnership". Game Developer. April 25, 2007. Retrieved July 17, 2024.
  19. ^ "JAKKS Pacific Awarded Master Toy License For Dragon Ball Z". Animation World Network. Retrieved July 25, 2024.
  20. ^ "JAKKS Pacific Reports Preliminary Fourth Quarter and Year-End Results for 2004".
  21. ^ Media, aNb (June 18, 2021). "Black + Decker Extends Partnership with JAKKS Pacific". aNb Media, Inc. Retrieved July 29, 2024.
  22. ^ "JAKKS Pacific and MGM Consumer Products Sign Licensing Agreement For Rocky". toynewsi.com. Retrieved July 16, 2024.
  23. ^ "JAKKS Pacific and Pokemon USA Sign Master Toy Deal for Hugely Popular Pokemon Brand". toynewsi.com. Retrieved July 29, 2024.
  24. ^ "411MANIA". Mattel To Take Over WWE Toy Line, Jakks Pacific Switching To TNA. Retrieved July 16, 2024.
  25. ^ "JAKKS to Make Taylor Swift Dolls - Raving Toy Maniac - The Latest News and Pictures from the World of Toys". www.toymania.com. Retrieved July 16, 2024.
  26. ^ Fighting, M. M. A. (June 10, 2008). "UFC signs deal with toymaker JAKKS Pacific". MMA Fighting. Retrieved July 16, 2024.
  27. ^ "JAKKS Partners with Dentsu for New Boys Action Property". Toybook. January 7, 2010. Retrieved October 17, 2016.
  28. ^ "Nicktoons Debuts 'Monsuno' Feb. 23". Animation Magazine. February 6, 2011. Retrieved October 17, 2016.
  29. ^ Brzoznowski, Kristin (November 13, 2014). "Jakks Pacific Sets Up New Joint Venture in China". Yibada. Retrieved October 17, 2016.
  30. ^ Milligan, Mercedes (October 16, 2016). "JAKKS Pacific Sets Up Content-Creation Studio". WorldScreen. Retrieved October 17, 2016.
  31. ^ "411MANIA". WWE Signs New Licensing Deal with Jakks Pacific. Retrieved July 16, 2024.
  32. ^ "WBCP signs JAKKS for DC Super Hero Girls". Retrieved July 29, 2024.
  33. ^ "Jakks Pacific partners with baby brand Chicco". Retrieved July 29, 2024.
  34. ^ "Jakks Pacific Announces Toys Inspired by the New Illumination and Nintendo Film 'The Super Mario Bros. Movie'". Licensing International. January 24, 2023. Retrieved July 16, 2024.
  35. ^ "Jakks Pacific Announces New Global Agreement with Sega of America for Sonic the Hedgehog 3". Licensing International. October 31, 2023. Retrieved July 16, 2024.
  36. ^ Foster, Elizabeth (May 14, 2024). "JAKKS Pacific Bites Into Upcoming Dog Man Movie From DreamWorks/Universal and Dav Pilkey's Global Bestselling Book Franchise for Toys and Costumes". Markets Insider. Retrieved August 8, 2024.
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