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Hasbro and Mattel are reportedly closer to creating a giant toy company

Mattel Barbie store

Merger talks between Hasbro and Mattel are back on again, according to a new report from The Wall Street Journal.

Hasbro has made an offer on the beleaguered Mattel after a courtship lasting years.

Bloomberg reported in early 2016 that the two companies have held on-again, off-again talks. But Mattel's shares are down by nearly half this year alone — an appealing discount for Hasbro.

Mattel makes some of the most popular toy products, including Barbie, Fisher Price, and Hot Wheels, has struggled this year due to weak sales and lagging demand. Shares have fallen nearly 50% over the year after the company suspended its shareholder dividend and outlined cost-saving measures.

Hasbro has grown to be one of the world's largest toy makers, in part because of a licensing partnership with Disney which enables it to sell themed "Frozen" and "Star Wars" toys.

Mattel market value stands at about $5 billion this year, while Hasbro claims more than double that at $11 billion. Mattel's stock surged on the news, while Hasbro saw a 3% bump in after-hours trading.

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