Mattel acquires Kids Sprout channel partner HIT Entertainment

Toy giant Mattel is buying HIT Entertainment, part owner with PBS and Sesame Workshop of the Kids Sprout children's educational cable channel, for $680 million, according to the Hollywood Reporter. With more than $180 million in annual revenue, HIT is one of the largest independent owners of intellectual property for preschoolers, holding titles including Thomas & Friends, Barney, Bob the Builder, Fireman Sam and Angelina Ballerina. Sprout launched initially as a video on demand service on April 1, 2005, and became a cable and satellite channel in September 2005 (background, Current, Nov. 1, 2004).