Jakks Pacific Buys U.K.-Based Kidz Biz
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Jakks Pacific Inc., which produces dolls based on World Wrestling Federation personalities, has bought Kidz Biz Ltd., a toy distributor based in the United Kingdom, for an undisclosed price. The Malibu-based company said the purchase is the first step in a planned international expansion.
Jakks, which has the crafts and activities license for the Warner Bros. “Harry Potter” movies, has seen its stock price soar since last year’s release of the first Potter movie.
The company’s third-quarter earnings rose 17%, and Banc of America Securities analyst William Gibson recently forecast an increase of 14% for 2002.
Shares of Jakks Pacific rose 36 cents to $19.31 on Nasdaq.
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