Is it the distributor TV network or the production of the show itself? Who is it that sells the merchandise and receives the money?
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People who design and manufacture license the right or make agreements to use the image/story/name/artwork for the merchandise.
In the case of toy action figures from movies again there’s are agreement contract that gives a manufacturer the right to reproduce use the name / logo. The contracts to use the work have strict terms and the original source gets royalties from every sale in the form of say a monthly check.. Mmmmm. There are middlemen/salespeople that do the negotiation. Rights might be exclusively given to one entity.
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