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Crown Media Reports Widened Q3 Loss

Nov 15, 2004  •  Post A Comment

Crown Media Holdings, the company that owns the Hallmark Channel and is in the process of selling its international properties, on Monday reported a widened third-quarter loss of $105.8 million, versus year-earlier red ink of $72.7 million.

Reflected in the most recent quarter’s results is a $57.9 million noncash charge related to a valuation analysis of Crown Media’s international film library, booked in the third quarter in anticipation of a sale to be completed by year-end. The company didn’t provide any details of where the company is in the sale process or who the buyer might be.

Revenue rose 9 percent in the quarter to $55.8 million, driven by a 44 percent surge in advertising revenue and a 14 percent rise in subscriber-fee revenue. Those gains came as the company’s domestic channel reported ratings growth and subscriber gains. Hallmark Channel at the end of the third quarter had 63.4 million subscribers in the United States and 60.7 million subs internationally.