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Hasbro approaches Mattel about takeover, says WSJ, citing sources

Toy giant Hasbro has approached Mattel about a potential takeover offer, The Wall Street Journal reported on Friday, a deal that could put iconic brands such as Barbie and Transformers under the same roof.

The Wall Street Journal, citing unnamed sources, reported that the approach had been made recently, though the terms were unclear and a deal still may not materialize. If a deal was consummated, it would bring together the two largest toymakers in the United States.

The offer takes place against the backdrop of an industry in the throes of deep change. The bankruptcy filing of Toys R Us, the children's store giant, has reverberated across the toy industry.

Mattel shares, which have taken a beating amid weak sales results jumped more than 20 percent on a report that Hasbro had approached the company about a possible takeover. Hasbro shares jumped more than 2 percent on the report. Mattel has a market value of $5 billion, while Hasbro is worth about $11 billion.

Hasbro owns brands such as Nerf, Transformers and My Little Pony. Mattel makes Barbie and American Girl dolls as well as Fisher-Price and Hot Wheels toys.

Neither company immediately responded to CNBC's request for comment.

This story is developing. Please check back for updates.