MUMBAI: Children's entertainment firm Hit Entertainment is said to have entered the race to acquire another kids firm Chorion which owns the literary rights to properties like Noddy, the Agatha Christie novels.

Earlier, media baron Waheed Alli made a £111m bid for Chorion in conjunction with equity firm 3i. However Hit is believed to have submitted an offer worth £117m media, reports indicate.

It is thought Hit could justify such a price as it will be able to create significant cost savings in sales, management and distribution.