On Oct. 24, Mattel announced that it had successfully acquired HIT Entertainment for $680 million. The deal gave Mattel access to HIT’s global portfolio of preschool brands including Thomas & Friends, Barney, Bob the Builder, Fireman Sam and Angelina Ballerina, which generates more than $180 million in revenues.
“Mattel is the right home for Thomas & Friends,” says Robert A. Eckert, chairman and chief executive officer of Mattel. “Thomas & Friends routinely ranks among the world’s leading preschool toys. Additionally, with more than half of the Thomas & Friends revenue generated from non-toy products, this transaction will marry Mattel’s global marketing, distribution and brand management capabilities with HIT Entertainment’s global programming and licensing expertise to accelerate growth of the combined portfolio.”
The transaction will close in the first quarter of this year and does not include HIT’s interest in cable network station, Sprout.