In yet another stage of its restructuring, beleagured German media concern EM.TV & Merchandising has offloaded its holding in Crown Media Holdings to Hallmark Entertainment for a total $ 103m.

The 8.2% shares in Crown Media had been held by EM.TV via its 100% subsidiary The Jim Henson Company which received the shares in exchange for 22.5% of its holding in the Odyssey Network and 50% of its shares in the Kermit Channel.

In addition to the $103m injection of fresh cash, The Jim Henson Company and EM.TV anticipate that they will receive up to $23m in the next three to four years for programming yet to be delivered such as The Hoobs and Construction Site.