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Bloomberg Talks Podcast Summary

Episode: Hasbro CEO Chris Cocks Talks Grown-Up Toys, Tariffs
Date: February 11, 2026
Host: Bloomberg
Guest: Chris Cocks, CEO of Hasbro

Episode Overview

This episode features a conversation with Chris Cocks, CEO of Hasbro, diving deep into Hasbro’s recent successes, the changing landscape of the toy industry, the company’s strategic focus on adult and collector markets, and how these choices shape their exposure to tariffs. The discussion also touches on Hasbro’s move from Rhode Island to Boston, the cultural shift around “gamer” interests, and key business philosophies behind Hasbro’s ongoing transformation.

Key Discussion Points & Insights

1. Hasbro’s Turnaround and the Surge of Magic: The Gathering

Financial Performance
- Wizards division, home to Magic: The Gathering and Dungeons & Dragons, is driving overall growth.
- Hasbro’s overall sales lifted by 14%, indexing strong operational execution.
- Magic: The Gathering revenue exceeded $1.7 billion, up nearly 60% in the year, with a decade-long CAGR of 16%. (01:06)
- Licensing and core toy segments, including Beyblade, Transformers, Marvel, and Peppa Pig, returned to growth.
- Emphasis on the “remarkable year” for both sales and engagement in the Wizards division.
“The year was really punctuated... by Magic the Gathering. That business is over $1.7 billion now. It grew nearly 60% last year and that’s on top of a kegger over the last 10 years of 16% per year.”
— Chris Cocks (01:22)

2. Trends in the Toy Industry – “Tale of Two Cities”

The hosts inquire about divergent results in the toy sector and holiday period performance.
Cocks observes a dip in consumer spend early December, rebounding by month’s end.
- Companies focusing on “gamified, entertainment-driven, multi-purchase, multigenerational play” are thriving (using the term “Gem Square” or “Kiddoz” for shorthand).
- More traditional, kid-centered, one-off toys are struggling with lower multiples and a less robust market position.
“I think it’s a tale of two cities. The companies that are focused on gamified, entertainment driven, multi purchase, multigenerational play… they’re really thriving.”
— Chris Cocks (02:52)

3. Adult Collectors and Reduced Tariff Exposure

Hasbro’s strategic focus has shifted towards adult and collector markets, making the company more resilient to tariffs.
- Majority of Magic is produced and sold within the U.S., avoiding import taxes.
- Digital games are domestically made, thus not tariff-exposed.
- Adult consumers possess higher purchasing power and less price sensitivity, enabling better margin management.
“Those gamified and adult oriented businesses tend to not be tariff exposed. You know, Magic the Gathering…the majority of the product that we sell in the US is printed in the US so there’s no tariffs associated with it. Digital games don’t have tariffs because they’re made and published here in the US for US audiences.”
— Chris Cocks (04:36)
- Cocks highlights a strategic investment plan:
  - 70%–80% of Hasbro’s business now targets collectors/gamified spaces.
  - 90%–95% of future investment will focus here.

4. Digital Expansion and Magic: The Gathering Video Games

Host asks about plans for more Magic digital content and video games.
Cocks shares that Magic: The Gathering Arena is the most successful entry point for new Magic players.
- The company has around ten games in development, with Magic as an important brand in that pipeline.
"We have Magic the Gathering Arena, which has been a very successful product for us... We will be continuing to invest in that platform."
— Chris Cocks (06:04)

5. Moving Headquarters: From Rhode Island to Boston

Hasbro relocated to Boston for greater access to talent, easier travel, and proximity to partners.
- Boston has a rich toy legacy—home to Milton Bradley and Parker Brothers.
- The city is eight to nine times bigger than Pawtucket, offering a larger recruitment pool.
- Dual headquarters: Boston for toys and licensing, Seattle for gaming.
"Boston is roughly eight to nine times the size of Pawtucket and certainly Providence... it just makes it easier for us to be accessible and easier for us to get to our partners as well."
— Chris Cocks (07:17)
- Political/Tax considerations were minimal; main focus was talent and logistics.

6. “Grown Up Nerds” and Changing Stereotypes

The hosts joke about the evolving perception of games like Magic and D&D, highlighting that the communities span diverse backgrounds and ages—including their own families.
- Chris Cocks and Hasbro CFO Gina Getter herself previously worked at Harley Davidson; the head of Magic is “the strongest man in the world.”
- The discussion playfully reclaims the “nerd” label as a badge of honor.
“I used to think Magic and D&D were like games for nerds. But I meet people like Chris and Gina Getter... the strongest man in the world in Seattle, who is like the head of their Magic division there.”
— Host (08:01)

7. On “Millionaire Tax” & State Economic Environments

Asked if Massachusetts’ progressive tax policies or Rhode Island’s proposed millionaire tax factored into the move, Cocks says business decisions weren’t made on personal finances but on strategic needs.

“I try not to make business decisions based on my personal finances or personal situation. You know, moving to Boston had a lot of talent advantages, it had a lot of transportation advantages, and it’s just a big, dynamic city.”
— Chris Cocks (08:51)

Notable Quotes & Moments

Chris Cocks on Magic’s growth:

“That business is over $1.7 billion now. It grew nearly 60% last year…” (01:21)
On industry divides:

“I think it’s a tale of two cities.” (02:52)
On future focus:

“…70% of our business, maybe upwards of 80% of our business are focused on that collector gamified business. And then moving forward, probably 90 to 95% of our investment, our focus there.” (05:19)
On moving to Boston:

“Hasbro has deep roots across New England, particularly in Massachusetts. Milton Bradley was founded there… Parker Brothers... So we’re no strangers to Boston.” (06:58)
On changing perceptions:

“I used to think Magic and D&D were like games for nerds. But I meet people like Chris and Gina Getter, who used to work at Harley Davidson. I met, like, the strongest man in the world in Seattle, who is like the head of their Magic division...” (08:01)

Key Timestamps

Magic: The Gathering surge & financials: 01:06–01:54
Toy division’s holiday performance & industry divergence: 01:54–03:54
Tariffs and grown-up/collector business model: 03:59–05:56
Magic digital expansion: 06:04
Relocation to Boston – rationale & legacy: 06:23–07:56
Gamers as grown-ups & shifting stereotypes: 08:01
“Millionaire tax” and economic environment: 08:20–08:49

Episode Tone

The conversation balances upbeat financial discussions, strategic insight, and light-hearted banter about toys for all ages, firmly recasting “grown-up nerds” as a core and valuable demographic. Chris Cocks consistently emphasizes Hasbro’s data-driven, future-forward strategy—highlighting both business acumen and an appreciation for Hasbro's roots and culture.

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Transcript19 lines

[00:03]
A
Bloomberg Audio Studios Podcasts, radio news.
[00:13]
B
Hasbro's turnaround is gaining momentum, powered by a surge in Magic the Gathering. Revenue from the popular card game more than doubled in the fourth quarter, boosted by its tie ins to other products such as Avatar, the Last Airbender and Final Fantasy as well. Strength in Hasbro's Wizards, Wizards of the coast and Digital Gaming Division, which holds Magic and D and D, helped lift overall sales 14%, underscoring what the CFO Gina Getter called a year of strong operational execution. Joining us now for more insights is Hasbro's CEO Chris Cox. And, and Chris, you're essentially, you know, the designer of this business as it, as it is structured right now. What do you make of the quarter? Give us your, your overview because it looks like Wizards is just absolutely crushing it.
[01:07]
A
Well, we're really pleased with the quarterly results and I think it's beyond just Wizards. Our licensing business is up. Our toy business returned to growth, growing 7% in the quarter. And then of course, Wizards had just a remarkable quarter and a remarkable year sequentially just growing more and more as we went through the year. And we're seeing that momentum continue into this year. Think the year was really punctuated, as you kind of said in the lead up, by Magic the Gathering. You know, that business is over $1.7 billion now. It grew nearly 60% last year and that's on top of a kegger over the last 10 years of 16% per year. So I think it's a testament to a great team. I think it's a testament to a great game and a fantastic fandom.
[01:54]
C
There has been some signs, not you necessarily, but Mattel earnings, retail sales, that there was weakness in December. I know when it comes to divisions, toys you have, which I'm sure one Matt Miller has already bought for his daughter's tie ups with things like K Pop, Demon Hunters. What did December look like specifically for that segment? Was there some weakness that we've seen elsewhere?
[02:16]
A
Well, I think, I think for us what we saw was sequential improvement as we went through the holiday. We had a great Black Friday and Cyber Monday. There was a little bit of a dip in like the first and second week in December. But then the end of the month ended with a real bang, you know, for Hasbr, our toy division grew share, I think 18 of the last 20 weeks of the year. And I think that was on the strength of really good entertainment, really quality toys. We had a great year for Beyblade, Transformers, Marvel. Our Peppa Pig business returned to growth in the Back half. And then our board game business did pretty well. What I think maybe you're seeing across divergent results across different toy companies is really, you know, it's tough to say there's one toy market. I think it's a tale of two cities. I think the companies that are focused on gamified, entertainment driven, multi purchase, multigenerational play, something we call Gem Square, or a lot of people use shorthand for Kiddoz, they're really thriving. Their multiples are strong, 20 plus. Their growth rates are in the mid single digits to high single digits and they're growing with the growing marketplace. I think toy companies that are focused more on traditional toys, toys aimed at kids, kind of one offs, not truly systematized. You know, that's a, that's a hit driven business without a very strong moat. And I think you're seeing it in terms of what their multiples look like and contraction in that business, by the way.
[03:55]
B
Well, I read about five, at least five Peppa Pig books last night.
[03:59]
C
Are you a kid? Old?
[04:00]
B
No, I object to that, I object to that turn of phrase. But I get what you're saying, which is that more and more people, you know, Danny's age, or even my age, are buying and playing these kinds of games, especially wizards and the digital games. Does that help to offset business that's maybe hurt by tariffs, Chris? Because it strikes me that those businesses, the cards and the video games, aren't as hurt by the, by the, by the taxes on imports.
[04:34]
A
Oh yeah. I mean, for sure there's a couple of things at play. First off, you know, this collector oriented business, those gamified and adult oriented businesses tend to not be tariff exposed. You know, magic the gathering. The majority of the product that we sell in the US is printed in the US so there's no tariffs associated with it. Digital games don't have tariffs because they're, they're made and published here in the US for US audiences. So that really helps. And then last but not least, because you're dealing with audiences that, you know, 20, 30, 40, in my case, 50 years old or more, they tend to have a better personal balance sheet. They tend to have, you know, less elasticity of demand. And so you just have a bit more pricing power even when you have to take prices if the, if there's something that's tariff exposed. With kids, you tend to be dealing with families on budgets. You know, they're pinching pennies a little bit more. You parents are always going to prioritize their kids, but you know, there's only so many dollars to go around during Christmas or birthday. So, you know, I think, you know, 70% of our business, maybe upwards of 80% of our business are focused on that collector gamified business. And then moving forward, probably 90 to 95% of our investment, our focus there. And I think that's what investors are appreciating today about our story.
[05:57]
C
So if that's the case in the success. Chris, are you going to be making more Magic the Gathering video?
[06:05]
A
Well, we have Magic the Gathering arena, which has been a very successful product for us. It's probably the most successful on board to Magic. We will be continuing to invest in that platform and certainly, you know, we have probably 10 games in development. Magic is certainly an important brand for us inside of that pipeline.
[06:24]
B
I wanted to ask about your move. You know, I visited you guys. I was lucky enough to go to Wizards in Seattle, and I also came up to your place in Pawtucket, Rhode island, my first time in Rhode Island. But you're moving up to. To Boston or you've moved up to Boston, Massachusetts. What drew you to Beantown and what do you make of. I guess there are different tax treatments and different politics there. So how have you. How have you settled in?
[06:54]
A
Well, I'd say politically there isn't a huge difference between Rhode island and Massachusetts, so that wasn't a real factor for us. You know, Hasbro has deep roots across New England, particularly in Massachusetts. Milton Bradley was founded there back in 1860. Parker Brothers was founded in Salem, Massachusetts, I think, back in the 1890s. So we're no strangers to Boston. You know, really what we were looking for is we were looking for a bigger market in terms of the number of people that we could recruit. You know, Boston is roughly eight to nine times the size of, you know, the of Pawtucket and certainly Providence, where we've been based. And then it's just easier access. You know, a big part of our business is partnership. It's partnership with retailers, it's partnership with licensors. We have over a thousand partners crossing 5,000 collaborations. And it's nice to be in a major travel hub like Boston because it just makes it easier for us to be accessible and easier for us to get to our partners as well.
[07:57]
B
Chris, by the way, is no stranger to Boston, or I should say to Cambridge. Right. Because he went to Harvard.
[08:01]
C
Oh, never.
[08:02]
B
No big deal. No big deal. By the way, he played football at Harvard. See, I used to think Magic and D and D were like games for nerds. But I meet People like Chris and Gina Getter, who used to work at Harley Davidson. I met, like, the strongest man in the world in Seattle, who is, like, the head of their magic division there.
[08:21]
C
So my cousin loves Magic the Gathering, and he is awesome. Which, by the way, doesn't mean that you're not a nerd, Chris, because nerds are fantastic and wonderful people. So I don't think we should brandish that label. Hey, just before you go on this topic of Rhode island versus Massachusetts, because Rhode island at the moment is debating this millionaire tax something that Massachusetts already has, something similar. As a CEO, how do you feel about that? Does it change at all the business environments, or is it something you support? How do you think about that?
[08:50]
A
Well, I try not to make business decisions based on my personal finances or personal situation. You know, moving to Boston had a lot of talent advantages, it had a lot of transportation advantages, and it's just a big, dynamic city. So that's really how we thought about that. We actually have a dual hq. So Boston is one side of our hq, Seattle's the other, and that just represents kind of where our business is. Boston really anchors toys and licensing, and Seattle anchors are our gaming business.
[09:19]
C
Hey, Chris, we really appreciate your time today. Hasbro CEO Chris Cox, please come join us again soon.