Previous owner Apax Partners purchased Hit Entertainment back in May 2005 for just under £490 million, which means with the sale price of £426 million, Apax are taking a huge loss, but Hit Entertainment's CEO Jeffrey Dunn said "Mattel is a wonderful steward of brands and a great home for the outstanding properties Hit has developed and grown".
The deal is said to not include the shares that Hit Entertainment have in American TV Network "Sprout".
Hit Entertainment were established in 1989 by founder Peter Orton and their catalogue include such shows as Fraggle Rock, Pingu, Bob the Builder, Angelina Ballerina and Thomas & Friends, in total they have over 1,500 hours of programming and claim to produce more than 900 minutes of new programming each year.
American toymaker Mattel were established in 1945 by Harold Matson and Elliot Handler, they are one of the worlds largest toy companies and their products include Barbie Doll, Hot Wheels, Matchbox Toys and Fisher Price.
Mattel's CEO Robert A Eckert said "Mattel is the right home for Thomas and friends".
