Crown Media Holdings Files Notice for Extension to File Annual Report on Form 10-K with SEC

Business Wire, March 14, 2005

GREENWOOD VILLAGE, Colo. -- Crown Media Holdings, Inc. (NASDAQ:CRWN) announced today that it will file a notice with the Securities and Exchange Commission that extends the period in which it may file its Annual Report on Form 10-K for the year ended December 31, 2004. The extension provided under Rule 12b-25 allows the company to file its Annual Report on Form 10-K on or before March 31, 2005.

Due in part to the recent agreement that the Company has entered into to sell its international business, the Company is currently reviewing the valuation of certain of its assets. However, the Company has not yet completed the valuations of these assets. The Company is not prepared at this time to issue the results of operations for the quarter and year ended December 31, 2004.

The Company will also delay its fourth quarter earnings call and webcast originally planned for Tuesday, March 15th, 2005 at 11:00 a.m. Eastern Time. The Company expects to reschedule this call shortly.

About Crown Media Holdings

Crown Media Holdings, Inc. (NASDAQ:CRWN) owns and operates cable television channels dedicated to high quality, broad appeal, entertainment programming. The Company currently operates and distributes the Hallmark Channel in the U.S. to 68 million subscribers. Internationally, the channel is distributed to approximately 60 million subscribers in 152 countries. Through its subsidiary, Crown Media Distribution, LLC, Crown also distributes titles from its award-winning collection of movies, mini-series and films for exhibition in a variety of television media including broadcast, cable, video-on-demand and high definition television. Significant investors in Crown Media Holdings include: Hallmark Entertainment Holdings, Inc., a subsidiary of Hallmark Cards, Incorporated, Liberty Media Corp., and J.P. Morgan Partners (BHCA), LP, each through their investments in Hallmark Entertainment Investments Co.; VISN Management Corp., a for-profit subsidiary of the National Interfaith Cable Coalition; and Hughes Electronics Corporation.