leading toy company mattel has acquired hit entertainment in a $680 million deal.
hit entertainment has a global portfolio of popular preschool brands including the number one licensed preschool property thomas & friends as well as bob the builder and fireman sam, which will join mattel’s staple of barbie, hot wheels and fisher price.
“mattel is the right home for thomas & friends,” says robert eckert, chairman and chief executive officer of mattel.
“this powerhouse brand is joining the ranks of such iconic brands as barbie, hot wheels, fisher-price and american girl.
“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.”
president and ceo of hit entertainment, jeffrey dunn says the takeover will help its preschool brands’ future growth.
“hit entertainment owns some of the most loved and trusted preschool brands in the world and under mattel’s leadership, i look forward to seeing them grow to even greater heights,” he says.
“mattel is a wonderful steward of brands and a great home for the outstanding properties hit has developed and grown including thomas & friends. it is fitting that the world’s premier toy company should become the owner of the world’s premier pre-school property.”
mattel is already familiar with thomas & friends as it markets many of the products through a license from hit entertainment which continues until 2012. its global sales of die-cast and plastic toys are more than $150 million, which the company says will help grow the brand into the future. the acquisition also reunites the brand’s wood toys with plastic and die-cast products. it will take on the wood license at the end of 2012.
