Crown Media Revenue Dips in Q2Friday, July 27, 2012
Crown Media Holdings Inc. reported a 38 percent decrease in net revenue for the second quarter when compared to the same period a year ago.
The Studio City-based owner of the Hallmark Channel and the Hallmark Movie Channel reported net income of $13.5 million, or $0.04 per diluted share, on revenue of $86.7 million for the quarter ending June 30. For the same period in 2011, the company reported net income of $21.5 million, or $0.03 per diluted share, on revenue of $76.1 million.
Audience growth resulted in higher advertising revenue in the second quarter of $65.5 million compared to the $57.7 million in advertising revenue in the second quarter 2011.
Crown Media has gone through a restructuring this year as it shifts to producing original TV series programming that will debut in 2013. The cable network also abandoned its daytime programming block dependent on shows connected with Martha Stewart.
During the second quarter, Crown announced that Mark Steines, a former “Entertainment Tonight” host, and television personality and Broadway star Paige Davis will host “Home & Family,” the two-hour anchor show of the daytime programming block that begins this fall.
Also, the network named actress Andie MacDowell as the lead in “Cedar Cove,” the original primetime scripted series that will air starting in early 2013.
Mark R. Madler