Hit execs out after Mattel deal

Hit Entertainment CEO Jeffrey Dunn and chief operating officer Sangeeta Desai are leaving the children’s entertainment giant as toyco Mattel prepares to take it over.

Dunn, who was drafted in by former owner Apax Partners primarily to find a buyer for the Thomas & Friends company during the global recession, will leave immediately.

Former Apax executive Desai, who joined him a year later, will move on shortly after the Mattel acquisition closes.

The departures follow the bidding war last year that saw Mattel, owner of children’s properties such as Barbie, buy Hit for £426m (US$667m).

“It has been a tremendous pleasure working with both Jeff and Sangeeta,” said Hit chairman Greg Dyke, the former BBC director general. “They cared passionately about the business, the creative quality and the employees, and worked tirelessly to create a valuable company in difficult times. I wish them the very best.”

“In addition to the strengthening of existing properties, Hit invested in successfully creating new ones under their leadership,” added Christian Stahl of outgoing owner Apax.

Dunn said he was “very pleased to be turning over the stewardship” of Hit’s properties – which also include Angelina Ballerina, Pingu, Bob the Builder and new show Mike the Knight. “I am very proud of what our team accomplished together during very difficult economic times,” he added.

Apax brought in the former Nickelodeon Networks chief operating officer in 2008 just as the recession hit the children’s television business. Struggling with debt, Hit was forced to write down £325m from its value in April 2010 as the DVD market froze.

However, Thomas & Friends has remained the world’s number one preschool property, while Fireman Sam licences were boosted after the property got a new master toy licence. New CBeebies series Mike the Knight has also scored both broadcast and L&M success.