The group, which also owns the rights to Postman Pat, Basil Brush, Casper the Friendly Ghost and Rupert Bear, said it planned to launch the series on to a host of new media platforms including the internet, computer software, mobile phones, gaming and education.
The new animated and live action formats are set to be released in 2008/2009.
Entertainment Rights purchased the brand for é2.5m.
The Where's Wally? franchise was created by comic artist Martin Handford, and first published in the UK in 1987. To date more than 76m books have been sold worldwide, generating revenues in excess of é81m.
The series of 60 books is based on searching for and finding Wally, in his trademark red and white striped hat and jumper, along with his friends.
Published in more than 50 countries and translated into 26 languages Where's Wally? is most popular in Europe, Japan and the US - where he is known as Where's Waldo?
Entertainment Rights' chief executive Mike Heap said: "We are delighted that Where's Wally? is joining ER's stable of global children's and family brands.
"We believe that the Where's Wally brand transcends all demographics, with application across all media formats.
"We are extremely excited about the opportunities to develop Where's Wally? beyond print and exploit this immensely popular character globally."
Entertainment Rights is paying é500,000 on completion, with the balance in instalments over the next three years.
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