NEW YORK (Reuters) - The auction of cable television's Hallmark Channel has attracted little interest so far,
which could mean the channel will be pulled off the market, the Wall Street Journal reported on Wednesday.
Privately-owned Hallmark Cards Inc. owns a majority of the Hallmark Channel through its controlling stake in Crown Media Holdings Inc.
Citing people familiar with the matter, the Journal said media conglomerate News Corp is among the bidders for the cable channel, submitting an indication of interest of less than $1 billion.
However, the report said the bid is likely too low for Hallmark Cards, which is looking for about $1.2 billion for the channel or $2 billion if the Hallmark library of movies is included in the deal.
Hallmark Cards and News Corp were not immediately available for comment.
The paper also said Viacom Inc and Time Warner Inc showed initial interest in the channel but are unlikely to pursue a deal.
According to the Journal, Crown indicated this summer that if none of the bids are in the range it is seeking, it will pull the channel off the market.
Crown Media said in August it would explore a possible sale of its assets. The company's President and Chief Executive Officer, David Evans, said during a November conference call that its advisors at Citigroup have met with "quite a number" of parties interested in acquiring the channel.
Crown Media sold the money-losing international television operations of the Hallmark Channel for $242 million in February to a partnership between British TV executive David Elstein and private equity firms Providence Equity Partners and 3i.
The company said it was selling that business to focus on its U.S. TV operations.
OMFG! One of my fav channels is going to .....WHAT!!!
Those ****in broken bastards!
