Hallmark for sale

Crown Media (CRWN) announced today that it is looking at strategic alternatives, that includes a sale of the company. I think its main asset, the Hallmark Channel, has been underappreciated and had bought a few shares earlier this year in a portfolio I am managing for a friend. Today's 20% spike has brought it to fair-value territory, and I would not be a buyer now.

Another interesting pick here is ValueVision Media (VVTV), which is involved in home-shopping tv operations. I have been buying this regularly and see it finally getting acquired by a larger cable company.

Also worth following are Outdoor Channel (OUTD) and the recently spun off Discovery Holdings (DISC).