Hallmark Channel's parent Crown Media said Thursday its revenue was down 3% to $62.8 million in the third quarter, and revenue for the nine months ended Sept. 30 declined 2% to $202 million.
Both benefited from the vaunted dual-revenue stream. Ad revenue was down 7% in the third quarter to $46.5 million, and off 6% for the first nine months to $153.7 million. Much of that was offset by a 12% boost in sub fees to $16 million, in the third quarter and an 11% boost to $47.2 million over the nine-months period.
Third-quarter ad declines were mostly the result of lower ratings in they demos for the third quarter. The company pointed out that it had shifted its scheduling strategy since then to focus on the women 25-54 demo advertisers were targeting, including adding such syndicated fare as Golden Girls and Touched By An Angel.
And it appears former Crown Media CEO Henry Schleiff received just south of $1 million in severance. Crown's costs for the first nine months include a severance payment of $912,0000 in "severance expense recorded in May 2009 related to the resignation of one executive."
Schleiff stepped down May 31 and is now heading Investigation Discovery.