Hasbro will develop a full line of products for both properties, including plush, dolls, play sets, games, puzzles and figures, as well as introducing new categories.
American Greeting Properties, the intellectual property and outbound licensing division of American Greetings, announced Hasbro's appointment, effective from January 2009.
A line of Strawberry Shortcake scented toys is scheduled to be in stores by autumn 2009
The Care Bear's line will form part of Hasbro's Playskool brand, and will feature the look of the Care Bears from the animated series, Care Bears: Adventures in Care-A-Lot.
CGI movies and DVD releases of both properties are also planned to launch next autumn.
Tamra Knepfer, senior VP, Consumer Products, American Greetings Properties, said: "Both Care Bears and Strawberry Shortcake have a strong history with Hasbro, and we are thrilled to be working with them on our two biggest classic brands.
"Hasbro has unparalleled experience leveraging evergreen franchises with toy lines at retail and we are incredibly excited about the innovation, marketing, and retail presence that this alliance brings to both brands as we look to grow both here in the U.S. and around the world."
Sharon John, general manager of Toy Marketing, Hasbro Toys, added: "We are very happy to welcome Strawberry Shortcake and Care Bears home to Hasbro.
"We look forward to working with AGP to build on the strong foundations of both brands. Our strategy includes incorporating new technology for breakthrough, adorable Care Bears plush, plus introducing a new line of Strawberry Shortcake toys including small dolls to little girls everywhere."