Hasbro has recently moved to acquire Mattel, raising the possibility that the two toy industry titans may merge. Hasbro’s stock has been on the upswing over the past year, with its market value increasing 8 percent since 2016. Mattel, on the other hand, has had a rougher time of it: Its stock has dropped 52 percent over the past year.

Hasbro’s takeover bid has turned the tables of the relationship between the two companies — over two decades ago, Mattel unsuccessfully attempted to buy out Hasbro. Now, with Mattel in poor health, Hasbro has pounced.

The New York Times reports that, according to sources knowledgeable of the merger discussions, Hasbro approached Mattel in recent months because of Mattel’s financial hardships. But toy companies more broadly have struggled as ...

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