Hallmark Cards Inc. plans to buy the outstanding common stock of Crown Media Holdings Inc. that it doesn't already own and take the company private,
the
Kansas City Business Journal
reported.
Crown Media Holdings owns the Hallmark Channel and Hallmark Movies & Mysteries.
Hallmark owns “slightly more than 90 percent” of Crown Media, the journal article said. It will pay $5.05 a share in cash for outstanding stock, the article said. Crown Media had revenue of $478.7 million in 2015, the article said.
“In its letter to Crown Media directors, Hallmark said it was making the move so it would have more control of the company's content and strategy, and could exert that control without worrying about the interests of Crown Media's minority shareholders,” the journal article said. “Hallmark also hopes that taking Crown Media private will cut reporting and compliance costs associated with public companies.” (Source:
Kansas City Business Journal
, March 9, 2016.)
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