Crown Media Holdings Inc (Nasdaq:CRWN) announced that it has commenced a registered exchange offer to exchange any and all of its $300,000,000 aggregate principal amount of 10.5% Senior Secured Notes due 2019 that were issued in a private placement (the "Original Notes") for an equal principal amount of its 10.5% Senior Secured Notes due 2019 that have been registered under the Securities Act of 1933, as amended (the "Exchange Notes").

Crown Media Holdings, Inc., through its subsidiary, Crown Media United States, LLC, owns and operates pay television channels in the United States and Puerto Rico.

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