JAKKS Pacific's Flying Colors division will create a line of toys based on the property, which airs Friday nights at 9 PM and Saturdays 10 AM, and currently is the #2 show on all TV with kids 2-11, right behind "SpongeBob SquarePants." Under this new license, the line will feature plush toys, dolls and accessories, figures and playsets, role play, handheld electronics and novelty toys, and will debut at the American International Toy Fair in February 2003. JAKKS Pacific will also create a full line of activity toys and stationery products based on the property, under an earlier license agreement.

"The Fairly OddParents" follows the adventures of 10-year-old Timmy Turner and his newly arrived fairy godparents. Created by Butch Hartman ("Oh Yeah! Cartoons!"), "The Fairly OddParents" husband-and-wife sprites Cosmo and Wanda wreak magical mayhem as they help Timmy conquer typical kid obstacles by granting him wishes and magically fixing his problems ranging from a tough homework assignment to a bothersome babysitter. Despite the wizardry, though, these overly eager oddballs manage to mess things up every time.

"This quirky new Nick hit is another excellent fit for JAKKS Pacific," commented Jennifer Richmond, vice president of licensing, JAKKS Pacific. "The fact that Nickelodeon granted JAKKS Pacific the Master Toy license for 'The Fairly OddParents' is a testament to the solid longstanding relationship between the two Companies, and the innovation that JAKKS brings to our Nickelodeon-branded toy lines."

Nickelodeon, now in its 23rd year, is the number-one entertainment brand for kids. It has built a diverse, global business by putting kids first in everything it does. The company includes television programming and production in the United States and around the world, plus consumer products, online, recreation, books, magazines, music and feature films. Nickelodeon's U.S. television network is seen in more than 86 million households and has been the number-one-rated basic cable network for seven consecutive years. Nickelodeon and all related titles, characters and logos are trademarks of Viacom International Inc.

JAKKS Pacific, Inc. is a multi-brand company that designs and markets a broad range of toys and leisure products. The product categories include: Action Figures, Arts & Crafts Activity Kits, Stationery, Writing Instruments, Performance Kites, Water Toys, Sports Activity Toys, Vehicles, Infant/Pre-School, Plush and Dolls. The products are sold under various brand names including Flying Colors®, Road Champs®, Remco®, Child Guidance®, Pentech®, Trendmasters®, Toymax®, Funnoodle®, Laser Challenge(TM) and Go Fly a Kite(TM). The Company also participates in a joint venture with THQ Inc. that has exclusive worldwide rights to publish and market World Wrestling Entertainment(TM) video games. For further information, visit www.jakkspacific.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks, uncertainties and assumptions. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual future results or events may vary materially from those described herein.