Crown Media Holdings, Inc.NASDAQ
Mon, May 2, 3:10 PM
- Crown Media Holdings (NASDAQ:CRWN) has canceled its Q1 results conference call and webcast, set for tomorrow at 11 a.m. ET, as Hallmark has wrapped its deal to take the company private.
- Hallmark chief Donald Hall said the deal was done. The company had planned to pay about $175M to acquire the rest of Crown Media, home of the Hallmark Channel and Hallmark Movies & Mysteries.
- The deal's taking place through a short-form merger, possible because of the amount of Hallmark's existing ownership of the shares. Hallmark wants to save costs that it absorbed in order to keep Crown Media public, and gain some competitive flexibility.
Wed, Mar. 9, 10:19 AM
- Crown Media Holdings (NASDAQ:CRWN) is up 3.7% as parent Hallmark will take the publicly owned portion private.
- Hallmark owns about 90% of Crown Media, and will pay about $175M to acquire the rest -- about $5.05/share, a 2.4% premium over yesterday's close.
- With more than 90% ownership, Hallmark doesn't need shareholder or board approval and can act via a short-form merger.
- It expects to save on costs tied to being a public company and says the move will give it "greater flexibility" in addressing the risks and challenges of the cable and entertainment landscape.