Upper Deck and Hasbro (NASDAQ: HAS) are entering into a multiyear global licensing partnership to produce trading cards and tabletop games around iconic IPs including Transformers, GI Joe, Power Rangers, M.A.S.K. and Jem and the Holograms, according to an announcement from the companies today. Terms and length of the deal were not disclosed. The first product of the partnership is a set of trading cards celebrating the 40 th anniversary of Transformers: The Movie , scheduled to drop exclusively at Target stores in mid-September.

“Hasbro is one of the most recognizable brands in the world and has shaped generations of fans and pop culture storytelling,” said Jason Masherah, President of Upper Deck. “The characters and universes they’ve created represent lasting connections to stories that have been cherished for decades. Our goal with this collaboration is to create trading card experiences that honor the franchise legacies while giving fans new ways to engage with the titles they love.”

“Choosing to collaborate with Upper Deck opens the door to premium trading cards that commemorate the properties fans have loved for generations,” said Marianne James, Senior Vice President, Global Licensing at Hasbro.

Upper Deck, a privately-held company based in Carlsbad, CA, already holds numerous licenses for both pop culture and sports properties as well as its own IP, and is poised to expand its footprint in the booming hobby and collectibles space. Analysts estimate the global trading card market is valued at approximately $15.8 billion and is projected to expand at a CAGR of 6.5-10% through 2031. US toy industry dollar sales grew 17% YOY in the first half of 2026 (its strongest first-half performance in six years), with Circana citing trading cards, collectibles, licensed products, and fandom-driven play as key growth drivers

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“We’ve been highly focused on the entertainment sector if you look at what we’ve done with Marvel, Disney, DC , Alien, Harry Potter, and videogame properties like Halo and Blizzard,” Masherah said in a phone interview earlier this week. “Hasbro is really like a crown jewel when you think of how many people grew up with Transformers, GI Joe and Power Rangers.”

Masherah says fans have been waiting decades in some cases for trading cards of popular Hasbro titles, and both companies see an opportunity to reach both younger fans and more seasoned collectors. Upper Deck has also been looking at ways to blend digital and physical collectibles, but Masherah says they are still figuring out a strategy around ePacks. For the moment, they are focusing on card sets available at retail.

According to the announcement, the first product of the partnership is a set of cards marking the debut of Transformers: The Movie in 1986, featuring an 80s aesthetic. The “Gen 1” Transformers set will include a highly limited card signed by original Optimus Prime voice actor Peter Cullen.

The initial drop is exclusively to Target, but Masherah says a larger 100-card Transformers: The Movie 40 th Anniversary set will release to hobby and card shops across the country later this year. That set will feature characters and themes using the retro 80s style Fleer branding to match the nostalgic anniversary celebration. Upper Deck acquired Fleer in 2025.

Inserts include “From Screen to Page” themed around artwork from the 20th anniversary IDW comic series, “More Than Meets the Eye” flip lenticular cards that showcase characters in both robot mode and vehicle mode, and “Instruments of Destruction” 3D lenticular cards that highlight the Decepticons and other villains from the film. The set also features autograph cards from select voice actors, including, according to Masherah, Frank Welker.

Masherah also expressed enthusiasm for the opportunity to develop trading card games based on the Hasbro properties. Upper Deck has been gaining traction in the space with TCGs based on its Legendary game architecture.

“We’re still in discussions with Hasbro on the gaming side,” he said. “We are submitting proposals to them on a variety of different types of games. Our team is dying to do Legendary.”

Licensing its IPs to an outside game developer like Upper Deck is an interesting strategic choice for the company. Hasbro owns Wizards of the Coast, makers of the market-leading Magic: The Gathering , which generated over $1 billion in revenue during the first six months of 2026.

“Hasbro’s internal capabilities and licensing partnerships play complementary roles,” said James. “Our franchise-first approach brings together the right expertise for each opportunity, and Upper Deck’s strength in premium collectibles and established collector relationships makes it a strong partner to deliver distinctive, authentic products for fans.”