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Why was Bill Watterson against licensing the characters of Calvin and Hobbes?

Bill Watterson steadfastly resisted the commoditization of Calvin and Hobbes characters, refusing virtually all merchandising opportunities. He vehemently opposed the licensing and commercialization of comic strip characters, which he viewed as ultimately detrimental to the medium’s integrity as an art form. At his insistence his syndicate also placed unusual restrictions on how newspapers could tamper with the presentation of the longer Sunday strips, allowing him greater freedom to experiment with layout.