Crown Media settles claims related to NICC stake
Jan 3 (Reuters) - Crown Media Holdings Inc (CRWN.O: Quote, Profile, Research, Stock Buzz), owner of Hallmark Channel, said it agreed to settle claims relating to National Interfaith Cable Coalition's (NICC) equity interest in the company and a now-expired program production and broadcast deal.
Under the deal, Hallmark will regain control of 5 hours of daily programming each week, formerly held by the Faith & Values program. The Sunday morning block of Faith & Values programming has also been reduced to 2 hours from 6 hours.
NICC, which held an option to make Crown Media buy its 4.3 million shares of Crown Media common stock, will lose this right as well as its seat on the Crown Media board of directors.
(Reporting by Dhanya Skariachan in Bangalore; Editing by Anupama Dwivedi)
© Thomson Reuters 2008 All rights reserved
Help us advance this story. Provide relevant links or share your insights using our comment box. Please be considerate and help us by reporting any abuse you find. Reuters will delete comments that don't meet community standards.
Have a correction to this article? Email the editors
Cash injection
Bush: G7 needs coordination