Crown Media’s Hallmark Turbo-Charges Carriage Fees
Hallmark Channel parent narrows Q2 net loss, posts revenue gain.
By Robert Marich -- Broadcasting & Cable, 8/6/2008 7:25:00 AM
Crown Media Holdings said subscriber fees soared 125% in the second quarter, indicating that its high-rated Hallmark Channel is making headway in raising its anemic carriage fees.
The Studio City, Calif.-based company narrowed its net loss to $5.9 million, or red ink of 6 cents per share, from a loss of $43.7 million (42 cents) in the same period a year earlier.
Net corporate revenue rose 28% to $71.5 million in the three months ended June 30, from a 15% increase in ad revenue and the 124% hike in subscription fees.
In the concluded upfront ad market for the 2008-09 TV season, Crown Media said it sold “approximately 50% of its inventory at CPM [cost per thousand homes] increases of 7% above the CPM rates in the prior year. The company obtained nearly $10 million in business from new advertising clients, including Microsoft, Met Life [Metropolitan Life Insurance], IHOP, IKEA [Systems], H&R Block and Nivea.”
“The continued strong growth in our advertising revenues and the favorable terms of our renewed distribution agreements have resulted in our operating successes being translated into financial success,” Crown president and CEO Henry Schleiff said in a statement.
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