UK-based media group Chorion may place a bid for Hit Entertainment, a media and entertainment distribution company owned by private equity firm Apax Partners, Reuters reported, citing a story in the Sunday Times. The deal could reportedly reach as high as 1 billion pounds ($1.58 billion). Jeffries is advising Chorion on the deal, Reuters said.
(Reuters) – Media group Chorion Plc is considering bidding for Hit Entertainment, the Sunday Times said in an unsourced report.
The newspaper said Hit was being sold by its owner Apax Partners for up to 1 billion pounds ($1.58 billion). It added that Jefferies investment bank was advising Chorion on the possible bid.
Officials at Chorion could not be reached for a comment on the report. ($1=.6338 Pound) (Reporting by Sudip Kar-Gupta, editing by Maureen Bavdek)