Crown Off the Block

Hallmark channel owner Crown Media Holdings(CRWN Quote) took itself off the block after failing to find a buyer, sending its shares down 10%.

Crown announced last August that its board had authorized management to explore strategic alternatives. But after pursuing a number of alternatives and meeting with interested parties, its board determined that the best course of action is to operate the business. Investors had hoped last fall that the company could find a big cable partner.

"We worked diligently with the special committee and our financial advisors to evaluate various strategic initiatives," said Chief Executive David Evans. "Ultimately the board determined that the greatest value for our shareholders will be derived by our continued operation of our business."

Stateside, the Hallmark channel garners 72 million subscribers and has a film library of 700 titles. Crown sold its international holdings for close to $250 million in April of 2005 in a move to slash debt.

Crown dropped 56 cents early Monday to $5.24, way off last September's high of $11.22.