Twelve years after they sold their production company to Hallmark Cards, Robert Halmi Sr. and Robert Halmi Jr. have reached an agreement to buy back Hallmark Entertainment, the wholly owned subsidiary of Hallmark Cards, and plan to rename it RHI Entertainment.

The Halmis, known for their award-winning TV movies and sweeping miniseries, are working with affiliates of private investment firm Kelso & Co.

The transaction closed Thursday, according to the announcement from Hallmark Entertainment.

Mr. Halmi Sr., who has been president and CEO of Hallmark Entertainment, praised Hallmark Cards as “a tremendous and supportive partner” but said, “Now the time has come for us to start a new chapter with the flexibility afforded to an independent entertainment company which will facilitate better service to our clients.”