A Hallmark moment

Crown hands over int'l biz to Providence, 3i

Crown Media Holdings is set to announce today the sale of its international operations to financial firms Providence Equity Partners and 3i Group of the U.K. in a deal worth $242 million.

David Elstein, former CEO of Britain’s Channel Five, will head up the new stand-alone business, which includes international Hallmark channels in 152 countries with 60 million subscribers, a library of about 600 films and miniseries and a broadcast facility in Denver.

Elstein is also a former head of programming at Thames TV and Sky TV.

Move affirms Providence’s role as one of the largest media holders in the world. It’s the largest institutional stakeholder in the consortium that’s acquiring MGM and an investor in Warner Music, and other assets include Kabel Deutschland, Europe’s largest cable operator with 10 million subscribers; Dutch cabler Casema, with 1.3 million subs; and — in partnership with Haim Saban — ProSiebenSat 1, Germany’s largest private television network.

In a complex corporate structure, publicly traded Crown Media Holdings is 67% owned by greeting card giant Hallmark. Other investors in Greenwood Village, Colo.-based Crown include Liberty Media and JPMorgan Partners.

Crown Media, in turn, owns and operates the Hallmark Channel. Net has 68 million subs in the U.S.

Crown shares jumped 5.16% Tuesday to $9.38.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Scene News from Variety

Loading