In a deal that would effectively take Crown Media Holdings private, Hallmark Inc. has proposed buying the almost 10% of Crown — the parent company of Hallmark Channel — that it doesn’t already own. Multichannel News reports that the deal is valued at $175 million.
“In a filing with the Securities and Exchange Commission, Hallmark said it has decided to purchase the remaining interest in Crown for $5.05 per share, a 2.4% premium to its $4.93 per share price on March 8,” the publication reports.
The report adds: “Hallmark has had a rocky relationship with minority shareholders over the years. In 2009, minority shareholder S. Muoio & Associates sued the card company after it proposed a recapitalization plan that gave Hallmark a 90.3% interest in the programmer. That suit was dismissed in 2011.”