Crown Media Sells International Properties to Private Equity Team

Feb 23, 2005  •  Post A Comment

Crown Media Holdings, which owns the Hallmark Channel, said Wednesday it has reached a definitive agreement to sell its international channels for $242 million to an investment group led by Providence Equity Partners.

The sale, which closes a months-long saga during which Crown Media sought a buyer for its overseas operations, will allow the company to follow through on its goal of focusing its efforts on its U.S.-based operations.

Included in the sale are all of the international versions of the Hallmark Channel, which are distributed in 152 countries and involve around 60 million subscribers. Also included are the international rights to more than 580 titles in the Crown Media library and a broadcast facility in Denver that will continue to serve as the hub of operations for the international channels.

In addition to Providence Equity, the investment team includes private equity firm 3i and former CEO of British network Channel 5 David Elstein. The sale is expected to close within eight weeks.