Chorion seeks backer to buy Hit Entertainment
Chorion, which owns the rights to children's characters including Noddy and Paddington, is looking for a backer to buy the majority stake owned by private equity giant 3i before launching a bid for rival Hit Entertainment.
Chorion has been looking for a backer since executive chairman Lord Alli approached 3i in recent weeks about buying its stake.
Alli, a Labour peer, is seeking a new owner to buy all or part of Hit – which owns Thomas The Tank Engine – a strategy that 3i is thought not keen to pursue.
Should it decide to sell its stake, the private equity group is likely to talk to other potential buyers. Chorion and 3i declined to comment.
Although Hit's owner, private equity firm Apax Partners, is expected to launch a sale of the company by the end of the month, it is not clear whether it will include Thomas The Tank Engine.
Hit's leading brand accounted for about three-quarters of its earnings of about $80m (£50m) last year.
US companies Walt Disney and toy maker Mattel are thought to be interested in acquiring Thomas.
Hit chairman Greg Dyke, former BBC director-general, said he did not have immediate plans to stand down, but added that any new owner would probably seek to appoint a new management team.
Most watched Money videos
- BMW's Vision Neue Klasse X unveils its sports activity vehicle future
- BMW meets Swarovski and releases BMW i7 Crystal Headlights Iconic Glow
- 'Now even better': Nissan Qashqai gets a facelift for 2024 version
- MailOnline asks Lexie Limitless 5 quick fire EV road trip questions
- Land Rover unveil newest all-electric Range Rover SUV
- Blue Whale fund manager on the best of the Magnificent 7
- 2025 Aston Martin DBX707: More luxury but comes with a higher price
- Mini celebrates the release of brand new all-electric car Mini Aceman
- Mini Cooper SE: The British icon gets an all-electric makeover
- Skoda reveals Skoda Epiq as part of an all-electric car portfolio
- How to invest for income and growth: SAINTS' James Dow
- Mercedes has finally unveiled its new electric G-Class
- Don't try to be a super woman - build a dream team! The...
- The plant that can add £10,000 to the value of your home...
- Reckitt Benckiser under the cosh over baby formula, says...
- Recruitment in private sector falls for tenth month in a row
- Phoenix Group finance chief to step down from insurer
- Business leaders call for flagship scheme to get young...
- Stock market given a shot in the arm as Raspberry Pi and...
- BUSINESS LIVE: Nadhim Zahawi to chair The Very Group;...
- Cerillion boosted by $11.1m contract with provider of...
- Helium and hydrogen company set to join stock market in...
- Britain's nascent battery industry receives shot in the...
- CITY WHISPERS: Bill Ackman's cerulean eyes charm...
- Cost-of-living crunch wipes shine off Thomas Sabo jewellery
- Where is Labour's 'white heat' revolution to revive...
- FTSE 100 hits an all-time high - but remember the stock...
- British businesses awash with 'accidental' bosses who...
- Shipping broker Clarksons on list of shame after...
- North Sea projects worth £21bn put at risk by Labour: Tax...