Crown Media Ends Sale Effort
Crown Media Holdings Inc. ended a process to sell the company and said Monday that it would focus on running its Hallmark Channel cable television network. The stock fell to its lowest price in more than two years.
The company looked at “various strategic alternatives” and decided that the continued operation of its business would provide the greatest value for shareholders, Studio City-based Crown Media said.
The move is a change in strategy for Chief Executive David Evans, who last year said a sale would bring strategic advantages and fuel growth. Crown Media in August announced that it would consider selling the company and hired Citigroup Inc. to help find a buyer.
Crown Media shares fell $1.02, or 18%, to $4.78, their lowest level since August 2003.
Kansas City, Mo.-based Hallmark Cards Inc., which owns 67% of Crown Media, will extend its trademark license deal with the company, Crown Media said.
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