Before 2025 left us, it had one big piece of news to drop when it comes to action figures: Playmates Toys will no longer hold the master toy license for Teenage Mutant Ninja Turtles. If you’re into the action figure collecting hobby or have ever been a fan of Teenage Mutant Ninja Turtles then you’re likely aware of how big this is. Just in case though, without Playmates there would be no TMNT as we know it today. In the 1980s, the comic was a surprise hit and it attracted the attention of Marty Freedman and his Surge Licensing brand. At the time, there wasn’t much to Surge, but TMNT co-creators Kevin Eastman and Peter Laird decided to let Freedman sell the property as a potential toy franchise. The only problem was no one was biting.
Enter Playmates Toys which, at the time, was known mostly for dolls and such. The action figure market had been burning pretty hot in the 1980s and basically every toy maker wanted to find a way to penetrate it. There was definitely an element of oversaturation come the middle part of the decade. Kenner’s Star Wars line had basically created the modern action figure, but that line had slowed considerably following the completion of Lucas’s original trilogy with 1983’s The Return of the Jedi. Mattel had made huge in-roads with Masters of the Universe, and it paired with an animated series had basically created the modern blueprint for how to market toys to boys. Playmates was the only company interested in turtles and their involvement was contingent upon an animated series being created to accompany the line. The existing comic book just wasn’t going to cut it because of its limited reach, but also because it was not a book intended for kids. Playmates provided most of the financing for the original mini series that launched the TMNT franchise which debuted in late 1987. The first wave of figures followed in the summer of 1988 and the rest is history.
Teenage Mutant Ninja Turtles has never been as popular as it was around 1988-1991. Still, it’s also never really gone away and alongside the franchise this whole time has been Playmates. Peter Laird stuck with them when it came time to reboot the franchise in 2003 and Viacom stuck with the company after acquiring it in 2009. That meant toys for a new film franchise, a new animated series, and then the successors to those. In 2025, Skydance stepped in and bought Paramount, which is the parent company of Viacom. With the master toy license apparently expiring at the end of 2026, Skydance has decided not to continue with Playmates for whatever comes next for TMNT ending a partnership that lasted nearly 40 years and is responsible for what the franchise is today.
As an adult collector, I won’t pretend like the mere fact that Playmates will no longer be making toys based on TMNT is a thing that upsets me. I long ago outgrew what Playmates was doing who remained committed to creating affordable toys for children even as the demographics of the action figure consumer skewed older and older over the years. Sure, they made some attempts at more collector focused toys and their reissues of vintage-era toys over the years likely hold more appeal for adults than kids, but Playmates wasn’t out here truly trying to compete with other companies producing adult collectibles. For that, we’ve had NECA, Bandai, and to a lesser extent, Super7. For years, the master license agreement Playmates held prevented other companies from making collector-focused toys based on TMNT, but that went away in the 2010s. Collectors may have still fumed at Playmates at times since they did have a hand in ending Super7’s line of vintage recreations, but I never personally blamed them for protecting their own designs. If Super7 wanted to recreate those old toys in 1:10 scale then they needed to get the legality of that all cleared up on day one and not figure it out as they went along.
This news is undoubtedly terrible for Playmates and those who work for the company. In the notice to investors announcing the decision, Playmates included the percentage of revenue TMNT had for the company over the past several years and it’s pretty staggering. I don’t know how they replace that. This year, Playmates has tried at bringing back Mighty Morphin Power Rangers, but I have no idea how well it’s performing (based on the toy aisles around me, not well). I know they had Godzilla and Voltron somewhat recently, but neither seemed to have made a big splash. Where they go from here is anyone’s guess and I hope this doesn’t put an end to them.
From a collector standpoint, what this means for the other companies holds great interest to me. It is not uncommon for other licensing agreements to be tied to the master license. In other words, if the master license expires at the end of 2026 for Playmates then it’s possible the same is true NECA, McFarlane, Super7, and everyone else. TMNT has become the property that has the most cooks in the kitchen these days. It’s almost comical how many companies have made TMNT figures of late. The licenses for overseas production (like JoyToy) may not be impacted at all nor may a license for an odd scale like Mondo’s who is embarking on a new line of sixth scale turtles in 2026. Or maybe they are? We don’t know, and it likely depends on what comes next.
Typically, if a company is not renewing the master license it’s because another company came in and outbid them. So far, we don’t know that to be true as no one has come forward with such an announcement. This is curious as one would expect that whoever did land TMNT would be pretty excited about it and would want to make such information known to its own investors. With Toy Fair a mere two months away, it’s possible such news is being saved for the trade show, but in today’s world that rarely seems to happen. It’s possible this news that Playmates will not hold the license after 2026 was designed to drum-up bidding for it. If Playmates apparently can’t afford it any longer it begs the question who can? Most immediately assume Hasbro could be in play. As one of the biggest toy producers in the world they’re always going to be linked to any major property that comes loose. Mattel could be in play, but that company just laid out money for the DC license – can they take on TMNT too? McFarlane, who previously held the DC license and will be losing it this coming year, just started dabbling in TMNT in 2025 – maybe that relationship has worked well? Could they possibly afford it?
Whoever does get the license will likely want more control over the property like Hasbro does with its Disney properties and like Mattel will exercise with DC. This could very well be the end for NECA, Super7, and the rest as far as TMNT is concerned. Unless one of them can manage to afford the master license or if Skydance surprises everyone and elects not to pursue a traditional master license. It’s possible that with Mutant Mayhem 2 on the way in 2027 that Skydance just wants to license that brand out to someone to make toys geared towards children. Maybe they end the general license and instead put into actual agreements certain eras of the franchise. NECA gets ’87 and 2012, Super7 gets 2003, McFarlane keeps IDW, etc. I doubt it, but until we hear otherwise I suppose it’s possible.
And why do I doubt it? Because companies like Skydance are in this to make money. Playmates likely paid more money for the master license than any of these companies and it wouldn’t surprise me if their sales are still more profitable than the collector market. As new owners, Skydance holds no allegiance to these old agreements. In corporate acquisitions, it’s not at all uncommon to see the new owner end past agreements and forge ahead with its own. They like to be able to tell their shareholders that they’re responsible for whatever revenue they make and not attribute it to the old regime. It’s stupid, but that’s how these things often go. And eliminating these deals and obligations can also lead to something else: a potential sale of TMNT.
When Skydance acquired Paramount this summer, new chairman George Cheaks circulated a memo in which he named the key franchises for Paramount as SpongeBob Squarepants, PAW Patrol, RuPaul’s Drag Race, South Park, Ms. Pat, and The Daily Show. Notably absent was Teenage Mutant Ninja Turtles and this memo was often brought up in news reports about the cancellation of the Paramount Plus series Tales of the Teenage Mutant Ninja Turtles. It begs the question that if Skydance doesn’t view TMNT as a key part of its present and future does that mean they want out of the turtle business? It’s certainly possible and if the franchise isn’t tied down by any other external agreements that might actually make it more attractive to potential buyers. The sequel to Mutant Mayhem is due to arrive in the fall of 2027 and how Skydance handles that could reveal a lot. If a delay is announced early on in 2026 that could be a bad sign. It feels like anything could be on the table there as Warner Bros. has recently shown the world these massive corporations do not care one bit about cancelling a movie for tax write-off purposes.
The only certainty right now is that Playmates will stop producing toys for Teenage Mutant Ninja Turtles at some point in 2026. Where they cut things off remains to be seen. If they have more stuff planned for the current iteration of the franchise do they continue with it or just shut it all down? Do they just go all out with rereleases in 2026 as those are quicker to produce (assuming they still have the molds) and probably sell just as well as the new stuff? It seems like if they’re ever going to cash-in on the likes of Scratch and Hot Spot now would be the time do it. As someone who fell in love with TMNT back in the 80s when Playmates came onboard I’m definitely sad to see this era come to an end for no reason other than it’s just something that’s always been. Teenage Mutant Ninja Turtles no longer being associated with Playmates would be like Hasbro dropping Transformers or Mattel selling off Masters of the Universe. For me, this will be the biggest shake-up in toys since Marvel went to Hasbro ending the Toy Biz era. My hope for 2026 is that these other companies don’t take anything for granted. If they’ve been holding back on anything, now is the time to do it because tomorrow is promised to no one.
If you want to reflect on the Playmates output for TMNT then maybe these will interest you:
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