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.
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