25 Oct 2011

Mattel buys owner of popular children's brands

12:33 pm on 25 October 2011

United States toymaker Mattel has announced a deal to buy HIT Entertainment, which owns Thomas the Tank Engine and other popular children's brands.

The maker of the Barbie doll, Hot Wheels and Fisher-Price toys is buying HIT in a $US680 million dollar cash deal.

The deal means Mattel will now own all the rights to make toys based on characters such as Bob the Builder, Barney the Dinosaur and Thomas the Tank Engine.

Mattel already produces many HIT products under license.