Crown Keeping Hallmark; Moseley Out4/17/2006 5:38 AM Eastern
Eight months after hanging a for-sale sign on Hallmark Channel, parent Crown Media Holdings Inc. said Monday morning that its board decided to “terminate this process” and implement a combination of cost-cutting measures and a push for better license fees from distributors.
Separately, the company announced that chief marketing officer Chris Moseley will leave at the end of April. Moseley, a veteran of Discovery Communications Inc. and ABC Television, is one of Hallmark’s most high-profile executives.
Crown CEO David Evans said in a prepared statement that the company plans to “implement cost-saving strategies and emphasize programming and marketing promotions to continue efforts to target a younger audience.”
Crown also said 67% owner Hallmark Cards Inc. agreed to extend its trademark-license agreement with Crown for the Hallmark Channel brand.
Shares in Crown took a hit on the news, dropping 14.14% to $4.98 apiece by 11:45 a.m. (EST) Monday.