Spin Master

Quick Take

An FEC search finds no political action committee (PAC, a fund that gives to candidates) registered under Spin Master's name, and U.S. Senate lobbying records show no filings with Spin Master as the client [7][8]. But its CEO sits on the board of The Toy Association, the U.S. toy industry's trade group, which spent $690,000 lobbying Washington in 2025 with tariffs among its main issues [9][10]. Its founders, Harary and Rabie, together hold about 96 percent of the company's voting power [4], and both are listed with Varadi among attendees at a March 2025 fundraiser for Conservative Party leader Pierre Poilievre [11]. In Canada, federal law and Ontario law both bar companies from giving to political campaigns [12][13]. U.S. tariffs hit Spin Master hard in 2025: it withdrew its forecast, cut jobs and wrote down the value of Melissa & Doug [14][15][6]. In 2026 it got $37.9 million back after the Supreme Court struck down tariffs imposed under an emergency-powers law [16][17].

Two Founders, Nearly All the Votes

Spin Master is public, but its founders control it. The company has two classes of shares. Public investors mostly hold subordinate voting shares, while the founders hold multiple voting shares that carry far more votes [4].

According to the company's April 2026 management information circular, Ronnen Harary and Anton Rabie each hold 47.8 percent of the voting power of all voting shares, about 96 percent combined [4]. Rabie chairs the board and Harary is a director [4]. Ben Varadi, the third co-founder and the company's chief creative officer, also holds multiple voting shares, but under a shareholders' agreement he does not exercise control over them [4].

The circular calls Spin Master "a controlled company with the founding controlling shareholders as members of management team" [4]. Four of the ten director nominees at its 2026 annual meeting were independent [4].

The Founders at a Poilievre Fundraiser

Because Harary and Rabie control the company, their own political activity matters for how this profile reads it. Elections Canada publishes a guest list for each paid fundraiser (over $200 to attend) that features a federal party leader or cabinet minister. Its report on "An Evening with Pierre Poilievre in support of the Conservative Party," held March 11, 2025 at a private residence in Toronto, lists attendees named Ronnen Harary, Anton Rabie and Benjamin Varadi, all of Toronto [11]. Guests paid up to $1,750, part of which counted as a contribution to the Conservative Party [11].

This review searched all 631 readable fundraiser reports on Elections Canada's list of regulated fundraising events, dating back to 2019, including 363 Liberal and 162 Conservative events [18]. None of the three founders appears at any other event, including any Liberal fundraiser. Two older reports could not be opened. This review did not search Elections Canada's separate database of individual donations.

No PAC or Lobbying of Its Own, but a Seat at the Industry Table

Spin Master has kept out of Washington's formal channels under its own name. A Federal Election Commission (FEC) search for "Spin Master" returns no committees [7]. U.S. Senate lobbying records list no filings with Spin Master or Melissa & Doug as the client [8]. OpenSecrets, a nonprofit that tracks political money, has no profile for the company [19].

The industry's trade group is a different story. In February 2026, Christina Miller joined the board of directors of The Toy Association, the U.S. toy industry's trade group [9]. The association reported $690,000 in federal lobbying in 2025 [10], a total that under federal disclosure rules must include what it paid outside lobbying firms [20]. One of the outside firms it hired, Ballard Partners, described its work in each quarterly filing as "Guidance and advocacy related to tariffs" [10]. In April 2026 the association said it had urged federal agencies to "exclude toys and games from new or expanded trade measures," as part of a campaign it calls #KeepToysTariffFree [21].

Canadian law keeps the company itself out of campaign giving. Under the Canada Elections Act, no one "other than an individual who is a Canadian citizen or is a permanent resident" may contribute to a federal party or candidate [12]. In Ontario, where Spin Master is based, a 2017 change to election law barred corporations, unions and other organizations from making campaign contributions [13].

Whether Spin Master lobbies Canadian governments could not be confirmed for this profile. The federal Registry of Lobbyists blocked automated access during this review.

Tariffs Hit the Bottom Line

U.S. tariffs were the biggest political story for Spin Master in 2025. On May 1, 2025, the company withdrew its 2025 outlook because of uncertainty from U.S. tariffs on the countries where it makes toys [14]. Then-CEO Max Rangel said the company was "moving quickly and firmly to mitigate the impact to the business" through sourcing, pricing and cost control [14].

In June 2025, Spin Master cut jobs as part of its tariff plan, though it would not say how many [15]. The Canadian Press reported that the company planned to "drastically reduce its reliance on China for production over the next two years" [15].

Spin Master's 2025 annual results showed the damage. Revenue fell from $2.26 billion in 2024 to $2.11 billion, and the company swung from net income of $81.9 million to a net loss of $148.5 million [6]. That loss included $250.4 million in write-downs, among them goodwill tied to Melissa & Doug, which the company linked to "ongoing global trade policy uncertainty and other macroeconomic headwinds" [6]. Spin Master makes its products through manufacturers and suppliers in China, Vietnam, India, Mexico, Indonesia and several other countries [2].

In 2026 some of that money came back. On February 20, 2026, the U.S. Supreme Court ruled that the International Emergency Economic Powers Act does not give the president power to impose tariffs [22]. Spin Master then recorded a $37.9 million refund of tariffs it had paid under that law [16][17]. Spin Master had planned price increases to cover higher costs, and its chief financial officer said it would use the refund instead [16]. In October 2026 the company said it was holding toy prices steady for the holidays [23].

Melissa & Doug

Spin Master agreed in October 2023 to buy Melissa & Doug, a U.S. brand of early-childhood toys, for $950 million in cash [24]. The deal closed on January 2, 2024 [2]. Less than two years later, Spin Master wrote down part of the brand's value, as noted above [6]. By the third quarter of 2026, Melissa & Doug sales were growing again, up about 10 percent [23].

PAW Patrol and the 2020 Police Debate

PAW Patrol is the brand most people connect with Spin Master, and in 2020 it landed in a political argument. In June 2020, during the protests after George Floyd's death, the show's official account called for "Black voices to be heard" and later muted its content in solidarity [25][1]. Social media posts then joked about or called for canceling the show [25]. Snopes found that serious calls for cancellation were "few and far between" and that the show had not been canceled [25].

The argument reached the White House. At a July 24, 2020 briefing, press secretary Kayleigh McEnany said, "We saw a few weeks ago 'Paw Patrol,' a cartoon show about cops was canceled" [1]. The show's account replied that it was not [1].

Board Diversity

Spin Master's 2026 circular says the board "is committed to cultivating a diverse and inclusive culture and nominating the best individuals to fulfill Director roles, based on merit and suitability" [4]. Its written diversity policy counts gender, age, race, nationality, culture and other traits as forms of diversity [4]. The company has not adopted a target for the number of women on the board, but its policy requires that the short list for each board seat it fills "must include at least one female candidate" [4]. If all 2026 nominees were elected, women would hold 30 percent of board seats [4].

Giving and the Environment

Spin Master runs The Toy Movement, a charity effort it started in 2014 that brings toys to children affected by war, poverty and natural disasters. In 2025 it reached more than 116,000 children in 18 countries and donated more than 80,500 toys, working with Save the Children Canada, World Vision Canada and the Sandals Foundation [2]. In 2023 the company released a Climate Action Plan that set a goal of cutting emissions from its own operations 70 percent by 2030 and reaching net zero by 2050 [26].

Where to Find Them

Spin Master's toys are sold under their own brand names, such as PAW Patrol and Melissa & Doug. Its corporate website is spinmaster.com.

Footnotes

[1] Morgan Phillips, Fox News, "'Paw Patrol' denies being canceled after White House press secretary references cartoon," July 24, 2020. https://www.foxnews.com/politics/paw-patrol-denies-canceled-mcenany-white-house-briefing

[2] Spin Master Corp., 2025 Annual Information Form, March 2026, accessed November 7, 2026. https://assets.ctfassets.net/r3qu44etwf9a/6u47Kiryq9MHZs2oX0xU7t/ea551f33cd75450924010a7fb181a3c3/TOY_2025_Annual_Information_Form.pdf

[3] Spin Master Corp., "Our Story," company website, accessed November 7, 2026. https://www.spinmaster.com/en-US/corporate/our-story

[4] Spin Master Corp., 2026 Management Information Circular, April 30, 2026. https://assets.ctfassets.net/r3qu44etwf9a/4VBaSyvEMOIxbz1WW7x7HU/7e671b2a2e5e1bff7be676da7c36efa2/SpinMasterCorp_Circular_2026.pdf

[5] Spin Master Corp., "Christina Miller, Chief Executive Officer and Director," company website, accessed November 7, 2026. https://www.spinmaster.com/en-US/corporate/leadership/christina-miller

[6] Spin Master Corp., "Spin Master Reports Q4 2025 Financial Results," March 5, 2026. https://www.newswire.ca/news-releases/spin-master-reports-q4-2025-financial-results-865384470.html

[7] Federal Election Commission, committee search for "spin master," accessed November 1, 2026. https://www.fec.gov/data/committees/?q=spin%20master

[8] U.S. Senate Office of Public Records, Lobbying Disclosure Act filings searches by client name "spin master" and "melissa & doug," accessed November 7, 2026. https://lda.gov/api/v1/filings/?client_name=spin+master and https://lda.gov/api/v1/filings/?client_name=melissa+%26+doug

[9] The Toy Association, "The Toy Association Announces 2026 Board of Directors & New Executive Committee," February 14, 2026. https://www.toyassociation.org/PressRoom2/News/2026-News/the-toy-association-announces-2026-board-of-directors-and-new-executive-committee.aspx

[10] U.S. Senate Office of Public Records, Lobbying Disclosure Act filings for client "The Toy Association," 2025, accessed November 7, 2026. https://lda.gov/api/v1/filings/?client_name=toy+association&filing_year=2025

[11] Elections Canada, Regulated Fundraising Event Report, Conservative Party of Canada, "An Evening with Pierre Poilievre in support of the Conservative Party," March 11, 2025. https://www.elections.ca/fin/reg/pdfs/541-report.pdf

[12] Canada Elections Act, S.C. 2000, c. 9, section 363(1), current to October 19, 2026. https://laws-lois.justice.gc.ca/eng/acts/E-2.01/section-363.html

[13] McCarthy Tetrault, "Election Law 101: Read this before you get involved in Ontario's upcoming provincial campaign," April 16, 2018. https://www.mccarthy.ca/en/insights/publications/election-law-101-read-you-get-involved-ontarios-upcoming-provincial-campaign

[14] Sammy Hudes, The Canadian Press (via BNN Bloomberg), "Spin Master seeking to mitigate tariff impacts as it withdraws 2025 outlook," May 1, 2025. https://bnnbloomberg.ca/business/company-news/2025/05/01/spin-master-seeking-to-mitigate-tariff-impacts-as-it-withdraws-2025-outlook

[15] The Canadian Press (via CP24), "Toy maker Spin Master cuts jobs as it contends with tariff uncertainty," June 4, 2025. https://www.cp24.com/news/money/2025/06/04/toy-maker-spin-master-cuts-jobs-as-it-contends-with-tariff-uncertainty

[16] The Canadian Press (via CP24), "Spin Master cancels toy price hikes, offsets costs with $37.9M tariff refund," July 30, 2026. https://www.cp24.com/news/canada/2026/07/30/spin-master-cancels-toy-price-hikes-offsets-costs-with-379m-tariff-refund/

[17] Spin Master Corp., "Spin Master Reports Q2 2026 Financial Results and Reiterates 2026 Full Year Outlook," July 30, 2026. https://spinmaster.mediaroom.com/2026-07-30-Spin-Master-Reports-Q2-2026-Financial-Results-and-Reiterates-2026-Full-Year-Outlook

[18] Elections Canada, "Regulated Fundraising Events" report list, accessed November 7, 2026. https://www.elections.ca/content.aspx?section=fin&dir=reg&document=index&lang=e

[19] OpenSecrets, organization search for "spin master," accessed November 1, 2026. https://www.opensecrets.org/search?q=spin+master&type=orgs

[20] Secretary of the Senate and Clerk of the House, "Lobbying Disclosure Act Guidance," accessed November 7, 2026 (registrants with in-house lobbyists must include payments to outside lobbying firms in their reported expenses). https://lda.congress.gov/Guidance/ldaguidance.pdf

[21] The Toy Association, "Toy Association Opposes Tariffs Across Trade Investigations & Addresses Toy Drone Disruptions," April 20, 2026. https://www.toyassociation.org/PressRoom2/News/2026-News/toy-association-opposes-tariffs-across-trade-investigations-and-addresses-toy-drone-disruptions.aspx

[22] Congressional Research Service, "Supreme Court Rules Against Tariffs Imposed Under the International Emergency Economic Powers Act (IEEPA)," LSB11398, February 23, 2026. https://www.everycrsreport.com/files/2026-02-23_LSB11398_fc8005c048e8dfa7ee66c828dab240a29d0b979e.html

[23] Brett Bundale, The Canadian Press (via BNN Bloomberg), "Spin Master holds toy prices steady ahead of holidays despite tariffs, rising costs," October 29, 2026. https://www.bnnbloomberg.ca/business/company-news/2026/10/29/spin-master-reports-q3-profit-and-revenue-down-from-year-ago/

[24] Spin Master Corp., "Spin Master to Acquire Melissa & Doug, a Trusted Brand in Early Childhood Play for $950 million," October 11, 2023. https://spinmaster.mediaroom.com/2023-10-11-Spin-Master-to-Acquire-Melissa-Doug,-a-Trusted-Brand-in-Early-Childhood-Play-for-950-million

[25] Dan Evon, Snopes, "Was the Kids' TV Show 'Paw Patrol' Canceled?," June 11, 2020. https://www.snopes.com/fact-check/did-paw-patrol-get-canceled/

[26] Spin Master Corp., "Spin Master Issues 2022 Corporate Social Responsibility Report and Releases Climate Action Plan," April 6, 2023. https://spinmaster.mediaroom.com/2023-04-06-Spin-Maser-Issues-2022-Corporate-Social-Responsibility-Report-and-Releases-Climate-Action-Plan