Disney Princess dolls are reunited with Barbie.

Barbie and Elsa are buddies again.

On Wednesday, Mattel announced that it had won back the license to produce dolls and toys based on the Walt Disney Company’s popular ice princesses Elsa and Anna from the “Frozen” movie franchise. The deal also brings other Disney characters who cause young children to squeal in delight — like Cinderella, Ariel and Moana — back into the house that Barbie built.

After years of making the Disney dolls that brought in hundreds of millions of dollars each year, Mattel lost the license in 2016 to its chief rival, Hasbro. That loss badly hobbled Mattel, creating a giant hole in its business and leading to a merry-go-round of top executives over a four-year period.

Mattel’s stock jumped 9 percent on the news to $21.44, while Hasbro’s stock slipped 1.5 percent to $94.10.

“We are incredibly proud to welcome back the Disney Princess and ‘Frozen’ lines to Mattel,” Richard Dickson, president and chief operating officer of Mattel, said in a statement. Financial terms of the deal were not announced, and the company said the new dolls and figures would hit retailers’ shelves at the beginning of 2023.

Since being named Mattel’s chief executive in 2018, Ynon Kreiz, a former entertainment and media-distribution head, has worked feverishly to shore up Mattel’s finances by slashing expenses, laying off employees and closing or selling factories. He has also aimed to raise interest among children by rolling out a number of films featuring its toys, games and figures.

Among the prominent film projects in the works are “Barbie,” a live-action adventure starring Margot Robbie (“I, Tonya”) and directed by the Oscar-nominated Greta Gerwig (“Lady Bird”); a live-action movie featuring Hot Wheels cars; and a Thomas the Tank Engine movie that will combine animation and live action.

Mr. Kreiz’s ambition has been to use Mattel’s vast catalog of intellectual property to become more like Marvel Entertainment, a comic book company that morphed into a Hollywood giant.

“In the mid- to long-term, we must become a player in film, television, digital gaming, live events, consumer products, music and digital media,” Mr. Kreiz told The New York Times in July.