Crown Media Holdings Inc. which owns the Studio City-based Hallmark Channel, on Monday said it has pulled itself off the sales block and will refocus on building its television operations.

Shares of Greenwood Village, Colo-based Crown Media fell more than 15 percent in midday trading to $4.89, the lowest level in more than two years.

Crown announced that it would explore a variety of strategic alternatives last August. “Ultimately the board determined that the greatest value for our shareholders will be derived by our continued operation of our business,” Chief Executive David Evans said in a statement. “Given the record ratings results, subscriber growth, and solid advertising and subscriber fee revenue increases we have been able to achieve, we believe that the underlying business fundamentals are in place to enhance the value of Crown Media by building a more successful business.”

The company said it plans to cut costs, improve its capital structure and renew its licenses on more favorable terms. It also plans to expand its video-on-demand and high-definition programming.

Kansas City, Mo-based Hallmark Cards Inc., which owns 67 percent of Crown Media, supported the move not to sell the company and will extend its trademark license deal with Crown Media, according to Crown Media.

Crown Media distributes the Hallmark Channel in the U.S. to more than 72 million subscribers over 5,300 cable and direct-to-home satellite services. The company last year launched its second 24-hour linear channel, Hallmark Movie Channel.

In a separate statement on Monday, Crown Media announced that Chris Moseley, chief marketing officer of the Hallmark Channels, would be leaving the company at the end of the month. She has been with the company since 2000.