Mattel–owned Fisher-Price will serve as the worldwide master toy licensee for a number of DreamWorks Animation feature films, including Kung Fu Panda 2 and Penguins of Madagascar.

Kung Fu Panda 2 hits the silver screen in May as the sequel to the first film that generated more than US$631 million at the worldwide box office. The studio also plans to launch the Kung Fu Panda: Legends of Awesomeness television series on Nickelodeon during the fall of 2011. The Fisher-Price Kung Fu Panda 2 toy collection, which will make its debut at next week’s Toy Fair in New York City, includes action figures, mini collectible figures, role play and plush. The hallmark item of the collection is the plush Kung Fu Po Wrestler, which will be made available beginning in May.

The popular penguin characters from DreamWorks Animation’s Madagascar 3, which hits theaters in May 2012, will be on toy shelves this fall in the form of figurines, play sets and plush.

The additional DreamWorks films included in licensing relationship include Puss In Boots, The Croods, Madagascar 3 and Legend of the Guardians. TV property Kung Fu Panda: Legends of Awesomeness is also bundled in the deal.