Crown Sells Film Library Domestic Rights to RHI

Oct 5, 2006  •  Post A Comment

Crown Media Holdings, which owns Hallmark Channel, said Thursday it agreed to sell the domestic rights of its film library to RHI Enterprises for $160 million.

Crown said it plans to use the proceeds of the sale to reduce debt and for operating purposes. On Wednesday, Crown hired as president and CEO former Court TV CEO Henry Schleiff, who will be responsible for turning around Hallmark Channel, which has been losing money. Mr. Schleiff said he plans to add some low-cost nonfiction programming to the network’s programming mix, which now filled with original movies, theatricals and acquired series.

The company retains the right to televise selected titles from the library on Hallmark Movie Channel for up to two years.