HIT Entertainment (styled "HiT") is a British/American entertainment distribution company established in 1989, and originally the international distribution arm of Jim Henson Productions called Henson International Television (later reincorporated as HiT Communications plc.). However, following the death of Jim Henson in 1990, the business was sold to several members of the company's management, led by Peter Orton, and renamed Hit Entertainment to prevent any future confusion between the two companies.
The company had been owned by Apax Partners since the acquisition was closed for £489.4 million (US$890 million) on 26 May 2005.
As reported in Business Week on May 10, 2010, Apax Partners LLP’s HIT Entertainment Ltd. got an extension on a revolving credit by one year to June 1, 2012. It agreed to higher interest to complete the debt restructuring, according to Standard & Poor’s, which lifted the company’s ratings to CCC+, seven levels below investment-grade, from selective default. HIT, the owner of British children’s characters Bob the Builder and Thomas the Tank Engine, owes lenders $560 million.
In October 2011, it was announced that American toy company Mattel had concluded a deal to purchase Hit Entertainment for $680 million. PBS Kids Sprout, a US cable network HIT co-owns with NBCUniversal, PBS, and Sesame Workshop, was not included in the deal, and that stake was retained by Apax.
On February 1, 2012, the merger was completed, and HIT Entertainment became a wholly owned subsidiary of Mattel, managed under its Fisher-Price unit.
Read more about HIT Entertainment: HIT's Catalogue, Hit Movies
Famous quotes containing the word hit:
“What did you hit her for?
I’ll let you in on something, she’s a lush, the lady. After she bends the elbow a few times, she begins to see things. Rats, roaches, snakes, bats, you know. A sock in the kisser’s the only thing that’ll bring her out of it.”
—Richard Brooks (1912–1992)