Crown Media Gains Control of Odyssey

GREENWOOD VILLAGE, COLO. -Crown Media Holdings Inc. has bought German media company EM.TV & Merchandising's stake in Odyssey Network.

Under terms of the deal announced last week, Crown Media issued EM.TV 5.4 million shares of class-A common stock, 8.2 percent of Crown, in exchange for the German firm's 22.5 percent in Odyssey. Crown Media now owns 100 percent of the channel.

The parties also agreed to create a branded block of "Kermit" programming to air on Odyssey.