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MUMBAI:
Crown Media Holdings, the operator of Hallmark Channel in
the US, has reached an agreement with the National Interfaith
Cable Coalition (NICC) to settle outstanding claims relating
to NICC's equity interest in Crown Media and a now-expired
programme production and broadcast deal.
Under
the settlement, Hallmark US will continue to broadcast a Sunday
morning block of Faith & Values programming and NICC will
relinquish its right to compel Crown Media to purchase more
than four million shares of the company's common stock which
NICC currently holds.
Hallmark
Channel has regained control of five hours of daily programming
each week formerly occupied by the Faith & Values programme
New Morning. In addition, the Sunday morning block
of Faith and Values programming, which will be provided by
NICC, has been reduced to two hours from the current six hours.
NICC
held an option to cause Crown Media to purchase its 4.3 million
shares of Crown Media common stock. However, under the settlement,
it has agreed to relinquish this right as well as its seat
on the Crown Media board of directors.
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