Mattel toys with Hit purchase plan

LONDON -- U.S. toy giant Mattel is near to a 500 million ($786 million) deal to purchase Hit Entertainment, who owns such tyke fare as "Bob the Builder" and "Thomas the Tank Engine." Mattel is within final foretells secure a contract to get Hit from U.K. private equity finance combo Apax Partners, based on the Financial Occasions. Apax bought Hit in 2005 for any reported 489 million ($767 million), and it has been selling the organization since a minimum of March. However the anticipated purchase cost is about half what Apax had wished to obtain for Hit once the purchase emerged last fall. The precarious economy seems to possess left Apax without any alternative apart from to reduce the cost whether it wants to have a purchase. Any purchase will exclude Hit's stake in U.S. tyke web Sprout, stated the Foot. Mattel sees Hit as assisting to drive growth possibilities in emerging marketplaces for example China, where retailing according to "Thomas the Tank Engine" is really a large seller for pre-school boys. Hit, initially produced through the late U.K. TV entrepreneur Peter Orton, also is the owner of such qualities as "Angelina Ballerina," "Fireman Mike" and "Pingu." The organization isn't alone in kids' media clothes needing to revise their anticipation downwards within the light of falling DVD sales, uncertainty over future advertising revenues and what's a really competitive market. Ex-Chorion topper Waheed Alli lately predicted further consolidation within the children's TV and film privileges market. Contact the range newsroom at news@variety.com