According to Variety, the new partnership between the two companies will dig into Hasbro’s library of properties to produce stage fare across multiple markets, including Broadway, national tours, amusement parks and cruise ships. The partnership will also create licensed content for use by high schools, colleges and community theaters.

The Araca Group is known for production team work for Broadway shows including Wicked, A Raisin in the Sun, Shuffle Along, and the Pulitzer-prize winning Disgraced.  Its merchandising division has worked for properties including Wicked, Matilda, and The Book of Mormon.  It also helped spearhead Disney’s launch of the Her Universe apparel line.

A merchandise deal for Magic: The Gathering was the first contact between Hasbro and Araca, which lead to a discussion of collaborating on stage work. “Our businesses are quite similar,” said Simon Waters, Hasbro’s general manager and SVP of entertainment and consumer products. “We’re expanding our franchises and building immersive experiences. To bring our properties to life onstage is just the next level of immersion.”

No timeline for Monopoly the Musical has been announced. The companies say they are in the final stages of assembling a creative team for the project.  Further stage collaborations between the two companies will be announced in the coming months.

Two movies based on differing aspects of the iconic Monopoly property are currently in the works in Hollywood (see “A Dramatic Take on 'Monopoly' Passes Go” and “Lionsgate Takes a Shot at the 'Monopoly' Movie”).