Report: Hallmark International Sale Close

Crown Media Holdings Inc. is on the verge of selling Hallmark Channel’s international operations for some $245 million, Reuters reported.

Buyout firms 3i Group and Providence Equity Partners Inc. are each putting in one-half of the money to buy the group, and David Elstein, former CEO of Britain's Channel Five, would be named chairman, according to Reuters.

Crown is shedding the money-losing international unit in order to focus on its U.S. channel.