[trebleshot]

Figures that have likenesses to actual people (i.e. any movie/TV versions) have separate rights issues. Back in the 60's no one really thought about toys looking exactly like the actors who portrayed those characters. Of course, Star Wars changed everything. Once people realized the amount of money that could be made from movie-related toys, merchandizing deals became standard practice and were usually written into an actor's contract.

As far as a "master license" is concerned, it doesn't necessarily mean that Mattel can do whatever they want with whoever they choose. There are always certain limitations, be it character-, series-, or format-related.

And just because Mattel may have the so-called master license, doesn't mean that only Mattel can produce DC toys and products. DC can and will make deals with other companies for products that Mattel may not even be able to produce (let alone want to). Good examples would be Hot Toys, Sideshow and NECA. All three are able to make DC-related toys without violating the deal that Mattel has with DC.

Basically "Master License" is a bit of a misnomer without knowing the exact details of the agreement. It does mean that whoever gets a license like that usually has the ability to produce a very wide range of products. But it never means they are the only ones legally allowed to make products for a given property.