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Crown Media CEO Resigns as Earnings Fall

Crown Media Holdings announced Wednesday the company saw a net loss of $47.2 million for the first quarter ending on March 31. That is a decrease from the net loss of $51 million the owner of the Studio City-based Hallmark Channel reported for the same period in 2005. Overall, the company had revenues of $45 million for the first three months of the year, an increase from $41 million in revenues for the first quarter 2005. Increases in advertising and subscriber fees fueled the overall revenue boost, the company said. On Wednesday, Crown Media also announced that its President and Chief Executive Officer David Evans will leave as of June 16. Evans joined the company in 1999 and oversaw a growth at the Hallmark Channel to 73 million subscribers. “I joined Crown Media nearly seven years ago with the exciting challenge of building a top tier cable channel,” Evans said. “With the expertise and talent of a group of exceptional executives, and their respective teams, we have achieved this goal. I feel truly fortunate for the experience of having taken this journey with them, and am confident that they can take Hallmark Channel to the next level of success.” Executive Recruiting firm Spencer Stuart will search for a permanent replacement. Executive Vice President and Chief Operating Officer Paul FitzPatrick will fill the position until a new CEO is named.

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