Playmates Toys to Lose TMNT License After 2026, What It Means and Who Could Take Over Next

Big news has quietly landed that will have long-term ripple effects across the toy industry and the collector community. Playmates Toys Limited has officially confirmed it will not renew its master toy license for Teenage Mutant Ninja Turtles, bringing one of the most iconic partnerships in modern toy history to an end in 2026 .

For a company whose identity has been closely tied to TMNT for decades, this announcement represents a turning point, not just for Playmates, but for the brand’s future in the toy aisle.

The License Is Ending in 2026

Under its current agreement with Viacom Media Networks, Playmates has held the global rights to design, manufacture, and sell toys based on Teenage Mutant Ninja Turtles. While renewal negotiations reportedly began in October 2025, Playmates has now been formally notified that the license will expire on December 31, 2026.

The company will have a brief 90 day window after expiration to sell through remaining inventory, after which Playmates will no longer be able to produce or distribute TMNT products in any form.

That makes 2026 the final full year of Playmates era TMNT toys.

Why This Is Such a Big Deal for Playmates

TMNT is not just another licensed line for Playmates, it has been a major driver of the company’s recent financial performance. According to the disclosure, revenue from TMNT products accounted for:

• 77 percent of total group revenue in 2023
• 47 percent in 2024
• 36 percent in the first half of 2025

Those numbers tell the story clearly. TMNT has been carrying a significant portion of the business in recent years, fueled by nostalgia driven collector lines, strong retail presence, and renewed media exposure.

While Playmates has stated it will continue focusing on other brands such as Power Rangers, MonsterVerse, and Winx, none of those properties currently match TMNT’s cross generational reach or proven toy sales power.

For investors, this explains why the announcement was classified as inside information. For collectors, it signals that the clock is officially ticking.

What This Means for Collectors

For fans of Playmates TMNT, the next two years are likely to be especially important.

Expect to see:

• Final waves and refreshes throughout 2025 and 2026
• Increased emphasis on core characters and proven sellers
• Certain releases becoming clear end of era collectibles

Once the license changes hands, TMNT toys will almost certainly shift in scale, articulation, design philosophy, and collector focus. Playmates has defined what TMNT action figures look like for multiple generations, and that look will not automatically carry over to the next license holder.

Simply put, if you care about Playmates style TMNT, now is the time to pay attention.

Who Could Take Over the TMNT License Next?

No successor has been announced, but several companies stand out as realistic candidates based on current industry trends.

Mattel

Mattel has the global retail reach and production scale to handle TMNT as a major kid focused brand. If Mattel were to land the license, expect strong mass market distribution, a focus on play features, and a look designed to appeal to younger audiences first.

Hasbro

Hasbro remains one of the most interesting possibilities. With its success in both mass retail and collector driven lines, Hasbro could position TMNT in a way that balances kids toys with highly articulated collector figures. A Hasbro TMNT line could potentially resemble the Marvel Legends model in terms of scale and presentation.

Spin Master

Spin Master has built a strong reputation managing entertainment licenses tied closely to animation and media. A Spin Master TMNT line would likely emphasize modern designs, play patterns, and synergy with new animated content.

A Split License Strategy

Another increasingly common option is a split approach, with one company handling kid focused retail toys and another producing collector oriented figures. This strategy would allow TMNT to dominate multiple segments at once and could explain why Playmates, traditionally strong in both nostalgia and kid appeal, may be stepping aside.

Final Thoughts

This announcement marks the beginning of the end of one of the most influential toy brand partnerships of the last 30 plus years. For Playmates, the loss of TMNT represents a major strategic challenge. For collectors, it signals a coming shift in how Teenage Mutant Ninja Turtles toys are designed, marketed, and collected.

From this point forward, every Playmates TMNT release carries added significance. The era is winding down, and whatever comes next will shape the future of TMNT toys for years to come.

Stay tuned to Toys ‘N Tat. This story is only just getting started.