Crown Media loss narrows on sales
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Crown Media Holdings Inc., operator of the Hallmark Channel cable television network, reported a narrower second-quarter loss because of increased revenue from advertising and subscriber fees. Shares rose 11%, the most in almost seven months.
The loss was $43.7 million, or 42 cents a share, compared with a loss of $227.4 million, or $2.17, a year earlier, Studio City-based Crown Media said. Sales increased 11% to $55.9 million as advertising sales rose.
Revenue from advertising increased 14% in the period ended June 30. Crown Media expanded its distribution agreement with EchoStar Communications Corp., owner of the Dish satellite-television network, boosting its subscriber base. Subscribers to the Hallmark Channel rose 13% and subscriber fees increased 2%.
Shares of Crown Media rose 71 cents to $7.18.
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