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.