Crown, Interfaith Cable Reach New Deal

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Crown Media Holdings Inc. said late Thursday that it has reached a new programming agreement with the National Interfaith Cable Coalition.


The original agreement had expired in December, and the new deal will carry through December of 2009.


Under the new deal, the coalition will give up its right to force Crown Media to buy back 4.3 million shares of its stock, which would have been called for had a new pact not been reached. In return, Crown, which operates the Hallmark Channel, will continue broadcasting a block of religious programming made by the coalition.


Crown said it agreed to continue broadcasting a block of the coalition’s programming called “Faith & Values” each Sunday on the Hallmark Channel but has cut the program from six hours to two and no longer will broadcast a one-hour version from 7 a.m. to 8 a.m. each weekday.


Crown also said that the coalition will forfeit its seat on Crown Media’s board.


Shares in Crown Media were down 2.5 percent to $5.85 in early trading Friday on the Nasdaq.

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