Pingu swims in HIT kidvid deal

Acquisition comes at time of pretax profits of $10.9 million

LONDON — HIT Entertainment, home of Barney the Dinosaur and Bob the Builder, has added Pingu the Penguin to its kidvid characters in a £15.9 million ($23.1 million) deal.

Acquisition, which involved buying the rights to Pingu from a number of owners, came as the company posted pretax profits for the year ended July 31 of $10.9 million — up 53%. Sales climbed 153% to $75.9 million.

HIT acquired Lyrick Studios, and thus Barney, early this year in a major push into the American market.

The company said it was now the third biggest kidvid distributor in the U.S. with 12% market share.

HIT chairman Peter Orton said he expected big things from Pingu, describing the character as under-exploited outside Japan and the U.K.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Digital News from Variety