HIT Entertainment acquired girls’ publishing property Rainbow Magic with plans to create a television format of the books and launch a range of consumer products. The property, geared to girls ages 5 to 9, is a collection of more than 60 books that follow the magical adventures of Kirsty and Rachel and their interactions with different groups of fairies and other creatures in Fairyland. The company also will launch a new style guide to support the licensing program and the subsequent series of books.