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Crown Reports Profit For Fourth Quarter

Crown Media Holdings, which runs the Hallmark Channels, reported a solid profit in the fourth quarter after barely breaking even a year ago.

Net income was $29.5 million, or five cents a share, up from 373,000, or less than a penny a share, a year ago. Revenues rose 17% to $90.7 million in the quarter.

Advertising revenue increased 13% to $68.5 million in the quarter. Crown said the gains were attributable to the popularity of its holiday programming, growth of its lifestyle block featuring fare from Martha Stewart Living Omnimedia, and the having Hallmark Movie Channel's audience measured by Nielsen.

Subscriber revenues rose 34% to $22 million the quarter thanks to more favorable deals negotiated with distributors.

Read more at B&C here.

Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.