Tue, 06 Dec 2011 | BUSINESS SALE
British media firm Chorion is expected to finalise the sale of its Mr Men and Little Miss brand to Hello Kitty's Japanese owner Sanrio in the next few days, providing there is no last minute break down.
The rights to Enid Blyton’s Noddy, Paddington Bear, and the Agatha Christie literary estate, are also owned by Chorion and have been lined up for sale in the upcoming months.
Chorion avoided being forced into administration in August despite breaking its banking covenants and amidst pressure from its lenders to repay the cash used to save the troubled firm. It brought in DC Advisory Partners in September to break up the business after failing to renegotiate its £70 million debts.
In the same month, Chorion sold the rights to The World of Beatrix Potter and The Octanauts to a new firm Silvergate Media.
It is understood that Sanrio aims to make the Mr Men and Little Miss characters a global brand similar to Hello Kitty.
In a public statement on the deal, Sanrio managing director Susumu Emori said, “We want to diversify our character portfolio instead of spending time to boost recognition of our existing characters in overseas markets.”
Roger Hargreaves created the first Mr Men characters, including Mr Tickle and Mr Happy, in the early 1970s.
Read our report on Chorion facing administration.
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