Crown Media sells intl business including Hallmark for $242 million

MUMBAI: Crown Media Holdings which owns and operates the Hallmark Channel, has entered into a definitive agreement to sell its international business to a group of investors for $242 million.


The sale by Crown Media includes the international versions of the Hallmark Channel. Hallmark which specialises in family oriented fare is distributed outside the US to about 60 million subscribers in 152 countries, The sale also covers the international rights to over 580 titles in the Crown Media library, and the state-of-the-art broadcast facility based in Denver, Colorado, which will continue to distribute the channels throughout the world.

The sale has been made to a group of investors comprised of Providence Equity Partners, 3i and UK television executive David Elstein.



As a result all employees of the international business as well as the broadcast facility will be employed by the investor group. Proceeds from the transaction will be used by Crown Media to reduce outstanding indebtedness under its bank credit facility, for the repayment of certain intercompany receivables and the payment of other liabilities.

It was only a matter of time before Crown Media took this decision. In 2003 Crown Media's international operations lost $21 million on about $83 million of revenue. The warning signs that Hallmark was not doing well in Asia came in 2002. That year the company closed down its Singapore sales office. It had also reduced the number feeds for the Asia Pacific region from seven to just two.

Dwelling on the transaction Crown Media president and CEO David Evans said, "We are very pleased to have signed this agreement. We are confident that the investor group will capitalise on its global media expertise to continue to expand this international business, while we focus our efforts on maintaining the tremendous growth in ratings and distribution we have been able to generate in our domestic business. From a financial perspective, this is an excellent opportunity for our company to reduce leverage and improve our overall capital structure."

The transaction is subject to customary closing conditions, including approval by the applicable regulatory authorities. The company expects to obtain approval and complete the transaction within six weeks.

Providence Equity Partners is a private investment firm. It specialises in equity investments in communications and media companies around the world. The principals of Providence Equity manage funds with over $9.0 billion in equity commitments.

Elstein is a former Channel 5 CEO. He now serves as the chairman of the British Screen Advisory Council, the Commercial Radio Companies Association, Really Useful Theatres Limited, Screen Digest Limited, Sports Network and Digital Classics.

Latest Reads
TLC firmly establishes itself as a clear leader in lifestyle genre with 24% upswing in ratings

TLC, leading lifestyle channel from Discovery Communications India, soared to the top of Lifestyle genre with a 24% increase in ratings according to the latest BARC data*. TLC secured 8640 impressions ‘000 in week 11 as compared to 6972 impressions ‘000 in Week 10. The upsurge in ratings is...

Television TV Channels Factual & Documentary
Balaji Telefilms appoints Jyoti Deshpande as non-executive additional director

Balaji Telefilms has appointed Jyoti Deshpande as the non-executive additional director. The appointment, which was approved following a circular resolution by its board on 22 March, is in compliance with share subscription agreement entered into between Balaji and Reliance Industries Ltd (RIL) on...

Television TV Channels People
Aaj Tak relaunches 'Seedhi Baat'

MUMBAI: TV Today Network has relaunched its big-ticket Hindi show Seedhi Baat. The show will be hosted by Sweta Singh, news anchor and executive editor of special programming at Aaj Tak. The first episode of the show, which  will air at 8 pm on 24 March, will feature BJP president Amit Shah as the...

Television TV Channels News Broadcasting
Dsport tops BARC ratings with Nidahas Trophy viewership

MUMBAI: Dsport, which launched last year in February, became the top ranked sports channel according to Broadcast Audience Research Council (BARC) all-India data in week 11. Rishtey Cineplex attracted a big chunk of the Hindi-speaking audience while competing with pubcaster DD Sports.

Television TV Channels Sports
Zee TV’s ‘Ishq Subhan Allah’ year’s second highest weekday fiction launch across GECs

Zee TV recently put the spotlight on Triple Talaaq with its new fiction show Ishq Subhan Allah introducing viewers to the turbulent love story of Zara (Eisha Singh) and Kabeer (Adnan Khan) – an Islamic couple dealing with the issue first-hand. Raising pertinent questions about women having a say...

Television TV Channels GECs
&Privé HD’s Unforgettables at 9 property celebrates movies that have left an indelible mark

There are some movies that become a part of your life and you can’t help but watch them over and over again. There are some characters that reveal a hidden element of yourself that results in an instant connection. &Privé HD’s property ‘Unforgettables at 9’ brings such classics every Monday to...

Television TV Channels English Entertainment
Living Foodz raises a Toast to India’s finest restaurants, night

India’s premium lifestyle channel, Living Foodz organized the second edition of Epicurean Guild Awards at an evening which saluted the game changers in India’s fine-dining, nightlife and lifestyle entertainment space. Held on March 22 at Sahara Star, Mumbai, the event was curated by Chef Manu...

Television TV Channels English Entertainment
Zee Anmol regains top Hindi GEC spot across genres

BENGALURU: Zee Entertainment Enterprises Ltd’s (Zeel) free-to-air (FTA) Hindi GEC Zee Anmol has returned to second place in Broadcast Audience Research Council (BARC) list of top 10 channels across genre in week 11 of 2018 (Saturday, 10 March 2018 to Friday, 16 March 2018). The numero uno position...

Television TV Channels Viewership
Emerald Media buys minority stake in Global Sports Commerce

MUMBAI: Emerald Media, the Pan-Asia company backed by global investment firm KKR, has acquired a significant minority stake in sports technology and management company Global Sports Commerce (GSC) through a combination of primary and secondary investments.

Television TV Channels Sports

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories