Crown Media Holdings Inc. said Thursday that its board of directors has authorized the company to explore strategic alternatives.
The parent company of Hallmark Channel said a potential sale to a third party would be considered.
Crown has formed a special committee of independent directors to oversee the process, the company said.
“After considering various factors, including the strong performance of the Hallmark Channel and the prevailing current economic realities of being a one-channel business in our industry, the board unanimously determined that now is the time to look at all alternatives,” Crown CEO David Evans said in a prepared statement.
“Since its launch just four years ago, Hallmark Channel has experienced tremendous growth in all of its key business areas, including distribution, ratings and revenues,” Evens added. “Today, Hallmark Channel is one of the top-10-rated cable channels in both total-day and primetime, with nearly 70 million subscribers, and it is well-positioned for continued success.”