Licensing agent United Media has inked a deal to handle ’80s billion-dollar property Rainbow Brite for IP owner Hallmark Cards on the occasion of her 25th birthday. Playmates Toys is joining the party as master toy licensee.

Playmates is aiming to unveil a new line of fashion dolls, plush and role-play toys based on sparkly Rainbow Brite and best friends Tickled Pink and Moonglow in time for holiday 2009.

This iteration of Rainbow Brite will focus on making the character socially aware, inspirational and innovative. To that end, Hallmark is supporting the launch online and in-store with the Share a Rainbow challenge that will invite girls to channel their altruistic impulses into making the world a better place.

United Media, meanwhile, is getting to work on rounding out the initial licensing program. (Editor’s note: It will be interesting to see if five years will make the difference on this one. New York-based toyco Toy Play attempted to relaunch Rainbow Brite in 2003 on the heels of the ’80s retro revival wave that saw Strawberry Shortcake and Care Bears re-enter the consumer products space.)