Under the terms of the deal, Mattel has unprecedented access to the complete DC Comics vault of characters, which includes over a thousand Super Heroes and Super Villains, such as Superman, Batman, Green Lantern, Wonder Woman and The Joker.
The agreement also includes characters such as The Flash, Aquaman, Shazam!, Green Arrow and Hawkman.
Brad Globe, president, Warner Bros. Consumer Products, commented: "We have developed an incredibly successful partnership with Mattel and we are very excited about taking the relationship to new levels.
"Warner Bros. and DC Entertainment have an unrivaled slate of content support across all key platforms essential to our global consumer products business which is anchored by our alliance with Mattel."
Karen McTier, EVP, domestic licensing and worldwide marketing at Warner Bros. Consumer Products, said: "The DC Comics Super Heroes enjoy a worldwide fan base that keeps the demand high for consistently imaginative new product.
"The extension of the Mattel agreement ensures that these fans will continue to be amazed by our DC Comics Super Hero offerings for many years to come."
As part of the ongoing relationship, Mattel will develop toy ranges for Warner's upcoming films - the Dark Knight Rises on July 20th, 2012 and Man of Steel on June 14th, 2013, Man of Steel.
Future television-based collaborations include Warner Bros Animation’s series, Green Lantern: The Animated Series, along with ongoing product support for Young Justice.
In addition to the rights to existing DC Comics characters, animation and motion pictures, the extension includes Mattel’s rights to produce toys based on future DC Comics films and animation projects that are developed and produced during the term of the agreement.
"Mattel has been a longtime, valuable partner to the DC Comics creative team,” stated Diane Nelson, president of DC Entertainment.
"We look forward to working with Mattel and the Warner Bros. Consumer Products team to bring new DC Comics Super Hero toys to life for our fans around the world."
Mattel supports DC Comics characters across all of its portfolio of core brands, including Hot Wheels, Matchbox, Barbie, Mattel Games and Fisher-Price.
Mattel is now expanding this further with the addition of the new Little People product line that features DC Comics characters.
In 2012, Mattel will partner with Diamond Comic Distributors to help extend its presence globally with exclusive European distribution rights for the DC Comics 6" action figure line.
“We are thrilled to further our long-standing partnership with Warner Bros. Consumer Products and support the extensive DC Comics portfolio’s franchise development,” said Tim Kilpin, executive vice president of Mattel Brands.
"The DC Comics characters are rich in story and we look forward to bringing these popular characters to life through innovative product design."