January 15th, 2021

Canadian toymaker Spin Master buys iconic Rubik’s Cube 3D puzzle for US$50M


By The Canadian Press on January 5, 2021.

A woman is silhouetted at the Spin Master toy and entertainment company in Toronto on Tuesday, January 29, 2019. Canadian toymaker Spin Master Corp. has solved the Rubik's Cube, completing a US$50-million acquisition of the legendary multi-coloured cube today. THE CANADIAN PRESS/Nathan Denette

TORONTO – Canadian toymaker Spin Master Corp. has solved the Rubik’s Cube, completing a US$50-million acquisition of the legendary multi-coloured cube today.

The Toronto-based company, which includes Paw Patrol, Hatchimals and Gund among its brands, had announced its plan to purchase Rubik’s Brand Ltd. last fall.

Spin Master says it will continue the 3D puzzle’s legacy, with plans for further innovation across the entire Rubik’s portfolio and expanded distribution through the company’s global footprint.

Hungarian puzzle enthusiast Erno Rubik invented the toy in 1974 and it became a commercial success after it launched globally in 1980.

The Rubik’s Cube is just the latest toy to be added to Spin Master’s growing cupboard of games.

The company has acquired 22 toy brands since its launch in 1994.

This report by The Canadian Press was first published Jan. 5, 2021.

Companies in this story: (TSX:TOY)

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