Crown Media +3.7% as Hallmark will take it private

|About: Crown Media Holdings, Inc. (CRWN)|By:, SA News Editor

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.

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