October 24, 2011 / 9:01 AM / in 6 years

UPDATE 1-Mattel to buy HIT Entertainment for $680 mln

Oct 24 (Reuters) - Toymaker Mattel Inc said it will buy HIT Entertainment for $680 million in an all-cash deal to own intellectual property and marketing rights for pre-school toy brands.

The El Segundo, California-based toy maker said it plans to finance the deal with a combination of cash and debt.

The deal, which does not include HIT Entertainment’s interest in the cable network station, Sprout, is not expected to have a material impact on Mattel’s 2012 earnings, the company said.

HIT Entertainment owns Thomas & Friends -- a children’s brand with steam engine train characters, including Thomas the Tank Engine -- and Bob the Builder.

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