Thomas the Tank Engine owner grabbed by Mattel - Evening Standard

Bruce · 2011-10-24T17:20:26+00:00

Posted without comment: or: The British owner of Thomas the Tank Engine, Bob the Builder and Angelina Ballerina was today snapped up by US toys giant Mattel in a $680 million (£426 million) deal. That is less than the £489 million which private-equity firm Apax paid for HIT Entertainment in 2005 and considerably less than the £1 billion price tag some bankers were suggesting when it was first put up for sale again a year ago. Mattel has been negotiating the deal with Apax since March as the values of other entertainment brand rights companies have tumbled. HIT has outstanding debts of $560 million and recently renegotiated terms with its banks leading to it paying a higher interest rate. Mattel already markets much of the Thomas range under licence from HIT, which account for annual sales of more than $150 million. The takeover will allow it to bring all the Thomas products, notably the wooden range, in house alongside its toy brands like Barbie and Hot Wheels. HIT's chairman is the former BBC director general Greg Dyke. Thomas has seen off many newcomers in the pre-school children's market and remains the number one licensed brand in that market in the world. "HIT Entertainment owns some of the most loved and trusted pre-school brands in the world and, under Mattel's leadership, I look forward to seeing them grow to even greater heights," said Jeffrey Dunn, chief executive of HIT. The purchase price represents 9.5 times HIT's earnings before tax, interest and depreciation. Rival group Chorion, which owns rights to Noddy and the Mr Men, is being broken up on behalf of its banks. or:

Oct 24, 2011 22 Replies

Rate this thread:

MartinS 14 years ago

Would that be Ringo Starr or Michael Angelis?

Vote

manatbandq 14 years ago

I didn't have a problem with either (preffered Ringo), but then I've never heard the Johnny morris nor the Willie Rushton versions.

MBQ

Vote

Steve W 14 years ago

Hmmm, no posts today? Look like Thomas the Tank Engine has finally run out of steam!

Steve W

Vote

Join the Discussion

Have something to add? Share your thoughts — no account required.

Didn't find your answer?

Ask the community — no account required