Unconfirmed reports that HIT Entertainment has put the classic Sooty brand up for sale are circulating in the UK. The heritage puppet and his two companions Sweep and Soo have been part of the British television diet since the 1950s, originally on BBC, then ITV, and until last year on ITV’s digital channel. HIT bought the rights to Sooty in 1996 for £1.4 million in partnership with a venture capitalist.

In other HIT news, the company has appointed two new publishing partners under new formats for Rainbow Magic. Panini has won the rights for a Rainbow Magic Sticker Album due for release in autumn 2008 and Hachette has been awarded the rights for Rainbow Magic Part Works.

The television series, slated for broadcast in autumn 2009, follows the magical adventures of Kirsty and Rachel as they thwart attempts by Jack Frost to dominate Fairyland.

HIT will shortly be unveiling a new creative look for Rainbow Magic with a new logo and style guide and to reflect the upcoming television series.