<PAGE>   1
                                                                      EXHIBIT 99

                       [CROWN MEDIA HOLDINGS, INC. LOGO]

For Immediate Release


             CHARLES STANFORD PROMOTED TO EXECUTIVE VICE PRESIDENT,
                 LEGAL AND BUSINESS AFFAIRS, AND GENERAL COUNSEL
                             OF CROWN MEDIA HOLDINGS

LOS ANGELES/DENVER -- MAY 23, 2001 -- Charles Stanford has been promoted to
executive vice president, legal and business affairs, and general counsel of
Crown Media Holdings, Inc. (Nasdaq: CRWN) (AEX: CRWN). The announcement was made
today by David Evans, president and chief executive officer of Crown Media
Holdings; and Lana Corbi, chief operating officer of Crown Media Holdings.

         Stanford will be responsible for directing all corporate legal and
business affairs activities for Crown Media Holdings and its subsidiaries. These
subsidiaries include Crown Media United States, LLC, which operates Odyssey
Network in the U.S. (scheduled to become the Hallmark Channel on August 5th),
Crown Media International, Inc., which distributes the Hallmark Channel in more
than 100 countries across the globe, and its recently launched new media
division Crown Interactive. Stanford, who joined the company last year as senior
vice president, business and legal affairs, will continue to be based in Crown
Media Holdings' Denver offices and report jointly to Mr. Evans and Ms. Corbi.

         Regarding the announcement, Mr. Evans, stated, "Since Charlie joined
us, Crown Media Holdings has enjoyed significant growth. He has played a major
role guiding the company through the many transactional matters required to
expand at the pace we've grown and I am delighted to reward his contributions to
the betterment of Crown Media Holdings with this well deserved promotion."

         Ms. Corbi, noted, "Charlie is a valuable resource whose superior
counsel on the domestic and international fronts is of the highest standard.
It's been a pleasure working with him and we are grateful to have an executive
with his background and expertise on our side."

         Stanford joined Crown Media Holdings from ABC, Inc., where at the time
of his departure he was vice president, legal and business affairs, cable and
new media. Throughout his 23-year tenure with the network, he also headed the
legal and business affairs groups for its broadcast and production divisions, as
well as ABC Sports. In addition, Stanford has been an adjunct professor at New
York University, teaching courses on entertainment and music law.

         He earned a Bachelor of Arts degree from the University of Minnesota, a
Juris Doctor degree from Suffolk University and his Masters of Law degree from
New York University.

         Crown Media Holdings, Inc. owns and operates pay television channels
dedicated to high quality, broad appeal, entertainment programming. The company
currently operates and distributes two cable channels: the Odyssey Network,
scheduled to become the Hallmark Channel on August 5th in the United States, and
the Hallmark Channel in more than 100 international markets. The combined
channels have nearly 68 million subscribers worldwide. Significant investors in
Crown Media Holdings include
<PAGE>   2


Hallmark Entertainment, Inc., a subsidiary of Hallmark Cards, Inc., Liberty
Media Corp., EM.TV & Merchandising AG (parent company of The Jim Henson
Company), the National Interfaith Cable Coalition and J. P. Morgan Partners
(BHCA), L. P.

                                       ###


FOR ADDITIONAL INFORMATION, PLEASE CONTACT:

MEDIA RELATIONS:

Les Eisner                       Don Ciaramella            Debbie Lawrence
The Lippin Group/LA              The Lippin Group/NY       The Lippin Group/UK
+1 323 965-1990                  +1 212 986 7080           +44 20 7745 7189
leisner@lippingroup.com          don@lippingroup.com       deblaw@aol.com

INVESTOR RELATIONS:

Mary Ellen Adipietro or John Nesbett
Lippert/Heilshorn & Associates
+1 212 838 3777
mary@lhai.com or jgn@lhai.com

<PAGE>   3

                       [CROWN MEDIA HOLDINGS, INC. LOGO]

FOR IMMEDIATE RELEASE

                HALLMARK CHANNEL AND CROWN INTERACTIVE TO LAUNCH
                         ON YES TELEVISION IN HONG KONG

            Trial to Feature Crown Interactive's "Crayola Kids Club,"
                  Hallmark Video Greetings and Video-on-Demand


HONG KONG/LONDON, MAY 30, 2001 -- Crown Media Holdings, Inc.'s (Nasdaq: CRWN)
(AEX: CRWN) Hallmark Channel, one of the world's fastest growing international
television networks, and Crown Interactive, its recently launched interactive
television service, are launching on Yes Television, the new Hong Kong domestic
pay television outlet which commenced its trial period on May 28. The
announcement was jointly made today by Jeff Henry, president and CEO of Crown
Interactive; Terence Yau, vice president and managing director of Hallmark
Channel Asia Pacific; and Lanny Huang, vice president, content of Yes Television
Asia.

Hallmark Channel and Crown Interactive launched on Yes Television this week
major components of its broadcast and video-on-demand (VOD) pilot service for
consumers. In addition to providing the Hallmark Channel and high-profile VOD
titles from Crown Media's award-winning programming produced by Hallmark
Entertainment, Yes Television will feature Crown Interactive's "Crayola Kids
Club," an interactive arts and crafts service for children. Consumers will also
be able to deliver Hallmark video greetings over the broadband network.

At launch, Yes Television became the first service in Hong Kong to combine true
VOD services with broadcast television and Internet access. The agreement also
marks Crown Interactive's first endeavor with a venture utilizing its VOD,
"Crayola Kids Club," and Hallmark video greetings products together in one
service.

Regarding the announcement, Mr. Henry noted, "The launch of Hallmark
Interactive's service in Hong Kong is an important plank in the diversification
of our products using the new technology. Through these digital offerings,
viewers can enjoy the quality and creativity that Hallmark and Crayola are known
for through an entirely new, interactive television experience. The digital
product will be distributed to other parts of Asia and the rest of the world
later this year."

Added Mr. Henry, "This is an exciting development for Crown Interactive. Based
on its successful beta test in Singapore, the service is now poised to expand in
terms of progressive features, including "Crayola Kids Club" and video
greetings, with other territories following shortly. Yes Television provides
Crown Interactive with a solid infrastructure from which to showcase our
services in a major market and we are very much looking forward to growing with
it."

Mr. Yau commented, "As Hallmark Channel's first distribution deal in Hong Kong
and also the first launch of our unique interactive services, this partnership
with Yes TV marks two very important milestones for us. It allows us to offer
viewers in Hong Kong the most advanced innovative TV services that showcase a
wide-range of Hallmark Entertainment and Hallmark Interactive products on TV."

Ms. Huang stated, "We are moving full steam ahead with our preparation for the
commercial launch later this year. We have a strong team of buyers worldwide
actively searching for the best content to give our customers a top-quality
viewing experience. With the strong support from our suppliers, we are confident
that we will be able to bring high quality, IP based, time-free television to
one of the most dynamic media markets in the world."

Yes Television has chosen the Talkoo Shing and Kornhill areas of Hong Kong for
its trial period. It will also conduct an extensive focus group study to get
first-hand information on the viewers' response to its service.

Currently, Hallmark Channel is distributed throughout Asia to over 13 million
subscribers. Crown Interactive is currently beta testing its VOD service in
conjunction with Sharkstream, a Singapore-based broadband streaming portal
specializing in interactive multimedia entertainment. However, the Yes TV pilot
in Hong Kong will be the first digital TV platform to carry Hallmark Channel,
Hallmark movie video-on-demand and other interactive products.
<PAGE>   4


Crown Interactive was formally launched in January to leverage on the vast array
of products and services from Crown Media's affiliated companies, Hallmark
Cards, Hallmark Entertainment and Binney and Smith's Crayola brand.

ABOUT YES TELEVISION WWW.YESTELEVISION.COM

Yes Television is a leading broadband solutions provider for interactive
television, which has developed a highly flexible solution delivering a range of
broadcast, VOD, internet, e-commerce and e-mail services to its customers using
broadband internet technology. The service operates over both DSL telephony and
cable networks, enabling network operators and Pay-TV operators to deploy
Interactive TV rapidly in their domestic markets.

True VOD is offered by Yes Television, enabling viewers to watch what they want,
when they want, using functions normally associated with a VCR - such as pause,
stop, and play fast forward and rewind.

Yes Television was established in 1995 and has offices in London, Cardiff, Hong
Kong, Melbourne and Los Angeles. Yes Television is preparing for a commercial
rollout in Hong Kong following the award of the pay TV license.

Yes Television is active in a number of key international markets. The company
has recently started its trial period in Hong Kong. Commercial launch is
scheduled for late summer this year. In Australia, Yes Television has launched
Easy Television, the largest IP-based international television platform in the
country, through Total Television, its joint venture with Cable and Telecoms.
The rollout will be one of the largest deployments of on demand services in the
world. It is currently running a pilot service over the ST ADSL network in the
Chiswick and Hammersmith areas of London. Other deployments in the international
markets are expected to be announced in the near future.

ABOUT HALLMARK CHANNEL

Hallmark Channel is a global channel brand showcasing high quality,
award-winning original movies and miniseries to more than 37 million households
worldwide. It is owned and operated internationally by Crown Media
International, Inc., a wholly owned subsidiary of Crown Media Holdings, Inc.

ABOUT CROWN MEDIA HOLDINGS

Crown Media Holdings, Inc. owns and operates pay television channels dedicated
to high quality broad appeal entertainment programming. The company currently
operates and distributes two cable channels: Odyssey Network/Hallmark Channel in
the U.S. and Hallmark Channel in more than 100 international markets. The
combined channels have more than 65 million subscribers worldwide. Significant
investors in Crown Media Holdings, Inc. include Hallmark Entertainment, Inc., a
subsidiary of Hallmark Cards, Incorporated, Liberty Media Corp., EM.TV &
Merchandising AG (parent company of The Jim Henson Company), the National
Interfaith Cable Coalition and J. P. Morgan Partners (BHCA), L. P.

CONTACTS:

Crown Media Holdings media relations:

Don Ciaramella               Les Eisner                     Debbie Lawrence
The Lippin Group             The Lippin Group               The Lippin Group
New York                     Los Angeles                    London, UK
+1 (212) 986 7080            +1 (323) 965 1990              +44 20 7745 7189
don@lippingroup.com          leisner@lippingroup.com        deblaw@aol.com


Crown Media Holdings investor relations:

Mary Ellen Adipietro
Lippert/Heilshorn & Associates
+1 (212) 838 3777
mary@lhai.com

<Table>
<S>                              <C>                               <C>
Yes Television:
Randall Cox                      Lanny Huang                       Gilda Chung
Yes Television Asia              Yes Television Asia               Apex Public Relations
+852-2289-0500                   +852-2289-0528                    +852-2811-3898
randall.cox@yestelevision.com    lanny.huang@yestelevision.com     gilda.chung@apex-pr.com
</Table>
<PAGE>   5


                       [CROWN MEDIA HOLDINGS, INC. LOGO]

FOR IMMEDIATE RELEASE

                       CROWN MEDIA DISCONTINUES TRADING ON
                      EURONEXT AMSTERDAM STOCK EXCHANGE AND
                        REMAINS ON NASDAQ NATIONAL MARKET


GREENWOOD VILLAGE, COLO. -- JUNE 1, 2001 -- Crown Media Holdings, Inc. (Nasdaq:
CRWN) (AEX: CRWN) today announced plans to discontinue trading of its shares of
Class A Common Stock on the Euronext Amsterdam stock exchange effective June 8,
2001. The last day of trading of the Class A shares on the Euronext Amsterdam
will be June 7, 2001. Shares of Crown Media Holdings Class A Common Stock will
continue to trade on the Nasdaq National Market under the ticker symbol CRWN.

William Aliber, Crown Media Holdings' Executive Vice President and Chief
Financial Officer, commented "Weakness in the European market since the
Company's IPO last year caused a softening in European entertainment stocks and
as a result, the average trading volume of Crown Media Holdings on the Euronext
Amsterdam has been negligible. Given the fact that the Company's Class A shares
are predominantly held by United States investors, we determined it was in the
Company's best interest to discontinue trading of our shares on the Euronext
Amsterdam stock exchange."

ABOUT CROWN MEDIA HOLDINGS

Crown Media Holdings, Inc. owns and operates pay television channels dedicated
to high quality broad appeal entertainment programming. The company currently
operates and distributes two cable channels: Odyssey Network/Hallmark Channel in
the U.S. and Hallmark Channel in more than 100 international markets. The
combined channels have more than 65 million subscribers worldwide. Significant
investors in Crown Media Holdings, Inc. include Hallmark Entertainment, Inc., a
subsidiary of Hallmark Cards, Incorporated, Liberty Media Corp., EM.TV &
Merchandising AG (parent company of The Jim Henson Company), the National
Interfaith Cable Coalition and J. P. Morgan Partners (BHCA), L. P.

                                       ###

FOR ADDITIONAL INFORMATION, PLEASE CONTACT:

INVESTOR RELATIONS:                               MEDIA:
Mary Ellen Adipietro or John Nesbett              Les Eisner
Lippert/Heilshorn & Associates                    The Lippin Group
212-838-3777                                      323-965-1990
mary@lhai.com or jgn@lhai.com                     leisner@lippingroup.com
<PAGE>   6


                       [CROWN MEDIA HOLDINGS, INC. LOGO]


FOR IMMEDIATE RELEASE


                   DIANE KEATING NAMED SENIOR VICE PRESIDENT,
                 WORLDWIDE DISTRIBUTION, OF CROWN MEDIA HOLDINGS

Former New Line Television Executive to Oversee Recently Acquired Hallmark
Entertainment Library


NEW YORK -- JUNE 4, 2001 -- Veteran television executive Diane Keating has been
named to the newly created position of senior vice president, worldwide
distribution, of Crown Media Holdings, Inc. (Nasdaq: CRWN) (AEX: CRWN),
effective immediately. The announcement was made today by David Evans, president
and chief executive officer of Crown Media Holdings, and Lana Corbi, chief
operating officer of Crown Media Holdings.

         The appointment is an outgrowth of Crown Media Holdings' recent
agreement to acquire approximately 700 award-winning and high-profile telefilms
from Hallmark Entertainment, Inc. Under terms of the transaction, Hallmark
Entertainment's distribution division Hallmark Entertainment Distribution (HED)
will enter into a service agreement with Crown Media Holdings under which it
will continue representing the titles in the international and domestic
marketplace. Keating, who will be based in New York, will be responsible for
overseeing the strategic direction and day-to-day operations of the catalogue's
distribution efforts on behalf of Crown Media Holdings and serve as the
organization's liaison with HED. She will report jointly to Mr. Evans and Ms.
Corbi.

         Regarding the announcement, Mr. Evans noted, "Diane's extensive
background in international television distribution and breadth of relationships
across the globe makes her the ideal candidate to manage the library, which is a
very important acquisition for Crown Media Holdings. I am overjoyed to now have
her on our team and believe that Diane's contributions will greatly benefit our
company."

         Ms. Corbi added, "We are delighted that Diane will work closely with
Hallmark Entertainment Distribution and spearhead the efforts of distributing
our newly acquired library. She will bring fresh ideas on how to best maximize
these films, which carry enormous value for not only Crown Media Holdings, but
also broadcasters, advertisers and viewers throughout the world."

         Ms. Keating commented, "This is a very exciting opportunity to work
with a dynamic company and group of executives, and I am very much looking
forward to it."

         Ms. Keating joins Crown Media Holdings from New Line Cinema in New
York, where she was executive vice president, international television sales and
distribution. She joined New Line in 1995, and throughout her tenure was
responsible for the overall direction of the sales, distribution and marketing
strategies for all New Line programming and feature films within the global
television marketplace. Ms. Keating was highly involved with the development of
New Line TV programs as well as international co-production endeavors, including
the weekly action hour "Sir Arthur Conan Doyle's Lost World," currently in its
second season. She also actively identified and acquired international formats
for development and distribution in the U.S. market.

         Before that, Ms. Keating was with Orion Pictures Corporation in New
York, most recently as president of Orion Pictures International. In this role,
she managed global sales and distribution of Orion's current features and
400-title library in theatrical, television and home video, including such major
motion pictures as "Silence of the Lambs" and the "Robocop" films. Between 1989
and 1992, Ms. Keating was senior vice president of international for Orion,
where she managed the division's global business planning and operations. She
joined Orion in 1987 as its vice president of international video to create and
launch its in-house home video division.

         Between 1984 and 1987, Ms. Keating was director of program marketing
for RCA/Columbia Pictures International Video, also in New York. While there,
she was responsible for developing, creating and implementing marketing
initiatives for titles distributed by the company. She began her career as an
international business analyst for Columbia Pictures International.

         Ms. Keating graduated Summa Cum Laude from Fordham University and
received her Masters in Business Administration from Columbia University.
<PAGE>   7


         Crown Media Holdings, Inc. owns and operates pay television channels
dedicated to high quality, broad appeal, entertainment programming. The company
currently operates and distributes two cable channels: the Odyssey Network,
scheduled to become the Hallmark Channel on August 5 in the United States, and
the Hallmark Channel in more than 100 international markets. The combined
channels have nearly 68 million subscribers worldwide. Significant investors in
Crown Media Holdings include Hallmark Entertainment, Inc., a subsidiary of
Hallmark Cards, Inc., Liberty Media Corp., EM.TV & Merchandising AG (parent
company of The Jim Henson Company), the National Interfaith Cable Coalition and
J. P. Morgan Partners (BHCA), L. P.

                                       ###

CONTACTS:

MEDIA RELATIONS:

Les Eisner                      Don Ciaramella             Debbie Lawrence
The Lippin Group/LA             The Lippin Group/NY        The Lippin Group/UK
+1 323 965-1990                 +1 212 986 7080            +44 20 7745 7189
leisner@lippingroup.com         don@lippingroup.com        deblaw@aol.com


INVESTOR RELATIONS:

Mary Ellen Adipietro or John Nesbett
Lippert/Heilshorn & Associates
+1 212 838 3777
mary@lhai.com or jgn@lhai.com
<PAGE>   8


                       [CROWN MEDIA HOLDINGS, INC. LOGO]

FOR IMMEDIATE RELEASE


                     CROWN MEDIA POSTPONES STOCKHOLDER VOTE
                             ON ACQUISITION OF FILMS

GREENWOOD VILLAGE, CO. -- JUNE 8, 2001 -- Crown Media Holdings, Inc. (Nasdaq:
CRWN) announced today that it has received a complaint filed by a person
claiming to be a stockholder regarding Crown Media Holdings' proposed purchase
of approximately 700 film titles and related property and rights from Hallmark
Entertainment Distribution, LLC. The complaint apparently was filed on June 6th
before the 2001 Annual Meeting of stockholders, which was held on June 7th. A
vote on the acquisition of the films has been postponed until later in June,
2001, so that stockholders may be informed of this development.

The complaint, purportedly filed as a class action on behalf of holders of the
Company's Class A common stock, was brought against Crown Media Holdings, its
directors, Hallmark Cards, Inc., Hallmark Entertainment Distribution, LLC and
Hallmark Entertainment, Inc. for damages, rescission or other relief. The
complaint alleges that the proposed acquisition of the films is the product of
an unfair process designed to advantage Hallmark Cards, Inc. as the controlling
stockholder, that the price being paid to Hallmark Entertainment Distribution is
not entirely fair and that the proxy statement failed to make certain
disclosures.

The transaction was approved by an independent committee of Crown Media
Holdings' Board of Directors consisting of directors independent of Hallmark
Entertainment. The independent committee believes that the films transaction is
fair to and in the best interests of Crown Media Holdings and its stockholders,
other than Hallmark Entertainment and its affiliates. Salomon Smith Barney Inc.
acted as the financial advisor to the special committee and delivered its
opinion to the effect that, as of the date of its opinion, the consideration to
be paid by Crown Media Holdings is fair, from a financial point of view, to the
Company. The independent committee believes that the films transaction is
important to the Company for a number of reasons, including increasing the scale
and diversification of Crown Media Holdings, reducing the time needed to reach
its goal of a breakeven point in its EBITDA, and facilitating the Company's
ability to execute both equity and debt offerings in the future.

ABOUT CROWN MEDIA HOLDINGS, INC.

Crown Media Holdings, Inc. owns and operates pay television channels dedicated
to high quality, broad appeal, entertainment programming. The company currently
operates and distributes two cable channels: the Odyssey Network, scheduled to
become the Hallmark Channel on August 6 in the United States, and the Hallmark
Channel in more than 100 international markets. The combined channels have
nearly 68 million subscribers worldwide. Significant investors in Crown Media
Holdings include Hallmark Entertainment, Inc., a subsidiary of Hallmark Cards,
Inc., Liberty Media Corp., EM.TV & Merchandising AG (parent company of The Jim
Henson Company), the National Interfaith Cable Coalition and J. P. Morgan
Partners (BHCA), L. P.

                                      # # #

FOR ADDITIONAL INFORMATION AT CROWN MEDIA, PLEASE CONTACT:

INVESTOR RELATIONS:                       MEDIA:

Mary Ellen Adipietro                      Elissa Grabowski
Lippert/Heilshorn & Associates            Lippert/Heilshorn Associates
212-838-3777                              212-838-3777
mary@lhai.com                             elissa@lhai.com

                                          Les Eisner
                                          The Lippin Group
                                          323-965-1990
                                          leisner@lippingroup.com
<PAGE>   9

                       [CROWN MEDIA HOLDINGS, INC. LOGO]

FOR IMMEDIATE RELEASE

                     CROWN MEDIA RECONVENES STOCKHOLDER VOTE
                             ON ACQUISITION OF FILMS

GREENWOOD VILLAGE, COLO. -- JULY 2, 2001 -- Crown Media Holdings, Inc. (Nasdaq:
CRWN) announced today that it plans to reconvene its annual meeting on July 17,
2001 to allow shareholders to vote on the proposed purchase of approximately 700
film titles and related property and rights from Hallmark Entertainment
Distribution, LLC. The Company intends to close the films transaction
immediately after the reconvened annual meeting, or as soon thereafter as
practical.

The original vote, scheduled for June 7, 2001 was postponed in order to allow
Crown Media the opportunity to inform its shareholders of a shareholder lawsuit
commenced on June 6, 2001 regarding the transaction. Since that time, the
parties have agreed in principle to settle the lawsuit. The proposed settlement,
entered into by Crown Media Holdings, Inc., Hallmark Cards, Incorporated and
other defendants, provides that the purchase price for the films and related
assets will be reduced by 425,000 shares of Crown Media Holdings Class A common
stock. The proposed settlement is subject to a number of requirements, including
entering into a definitive settlement stipulation, certification of a class
consisting of all owners of Crown Media common stock (excluding the defendants),
and final court approval of the settlement. While it will likely take a number
of months to obtain final court approval of the settlement, the proposed
settlement specifically permits the films transaction to be completed in the
interim. A supplement to the proxy statement concerning the films transaction
and the settlement is being mailed to stockholders today.

ABOUT CROWN MEDIA HOLDINGS, INC.

Crown Media Holdings, Inc. owns and operates pay television channels dedicated
to high quality, broad appeal, entertainment programming. The company currently
operates and distributes two cable channels: the Odyssey Network, scheduled to
become the Hallmark Channel on August 6 in the United States, and the Hallmark
Channel in more than 100 international markets. The combined channels have
nearly 68 million subscribers worldwide. Significant investors in Crown Media
Holdings include Hallmark Entertainment, Inc., a subsidiary of Hallmark Cards,
Inc., Liberty Media Corp., EM.TV & Merchandising AG (parent company of The Jim
Henson Company), the National Interfaith Cable Coalition and J. P. Morgan
Partners (BHCA), L. P.

FORWARD-LOOKING STATEMENTS

Statements contained in this press release may contain forward-looking
statements as contemplated by the 1995 Private Securities Litigation Reform Act
that are based on management's current expectations, estimates and projections.
Words such as "expects," "anticipates," "intends," "plans," "believes,"
"estimates," variations of such words and similar expressions are intended to
identify such forward-looking statements. Forward-looking statements are subject
to risks and uncertainties, which could cause actual results to differ
materially from those projected or implied in the forward-looking statements.
Such risks and uncertainties include: competition for distribution of channels,
viewers, advertisers, and the acquisition of programming; fluctuations in the
availability of programming; fluctuations in demand for the programming Crown
Media airs on its channels; and other risks detailed in the Company's filings
with the Securities and Exchange Commission, including the Risk Factors stated
in the Company's 10-K Report for the year ended December 31, 2000 and 10-Q
Report for the quarter ended March 31, 2001. Crown Media Holdings is not
undertaking any obligation to release publicly any updates to any
forward-looking statements to reflect events or circumstances after the date of
this release or to reflect the occurrence of unanticipated events.

                                      # # #
<PAGE>   10

FOR ADDITIONAL INFORMATION AT CROWN MEDIA, PLEASE CONTACT:

INVESTOR RELATIONS:                       MEDIA:
Mary Ellen Adipietro                      Elissa Grabowski
Lippert/Heilshorn & Associates            Lippert/Heilshorn Associates
212-838-3777                              212-838-3777
mary@lhai.com                             elissa@lhai.com

                                          Les Eisner
                                          The Lippin Group
                                          323-965-1990
                                          leisner@lippingroup.com
<PAGE>   11


                       [CROWN MEDIA HOLDINGS, INC. LOGO]

For Immediate Release

     HALLMARK ENTERTAINMENT ACQUIRES 8.2% CROWN MEDIA INTEREST HELD BY EM.TV

Crown Media Substantially Reduces Programming Obligations with EM.TV and The Jim
                                 Henson Company

GREENWOOD VILLAGE, COLO. -- JULY 30, 2001 -- Crown Media Holdings, Inc. (Nasdaq:
CRWN) today announced that Hallmark Entertainment, Inc., a strategic investor in
Crown Media, has acquired the 8.2% interest in Crown Media held by The Jim
Henson Company ("Henson"), a subsidiary of German media company EM.TV &
Merchandising AG ("EM.TV"), for $90 million. Crown Media also announced that it
has revised its program agreements with The Jim Henson Company and EM.TV,
substantially reducing Crown Media's programming obligations under those
agreements.

Hallmark Entertainment, Inc. purchased 5,377,721 shares of Crown Media Class A
common stock from Henson. The shares were originally issued to Henson in March
2001, in exchange for Henson's 22.5% interest in Crown Media United States, LLC,
which operates the Hallmark Channel U.S./ Odyssey Network. With the completion
of the stock purchase, Hallmark Cards and its subsidiaries will own
approximately 36.2 million shares of Crown Media, or approximately 55.3% of the
shares outstanding, which control approximately 91.4% of the voting power.

At the same time, Crown Media United States has substantially revised its two
program agreements with Henson and EM.TV, under which Crown Media United States
was obligated to purchase both pre-existing and original programming. The
revisions replace all prior obligations. Crown Media United States will now
license one series from the EM.TV library and two new series - "Hoobs" and
"Construction Site" - from Henson. For the revision of the agreements, Crown
Media United States paid to Henson and EM.TV $13 million.

David Evans, President and Chief Executive Officer of Crown Media Holdings,
stated, "On August 5, our domestic channel, Odyssey Network will be officially
rebranded the Hallmark Channel. In conjunction with the rebranding, the
programming mix will be shifting more towards adult, family-friendly programming
and away from children's programming. The revision of these agreements releases
us from the obligation of using programming that is no longer compatible with
our strategy and gives us the flexibility to revise our programming schedules to
best suit the new focus of our channel."

Charles Rivkin, President and Chief Executive Officer of The Jim Henson Company,
Inc., commented, "This is an important step for us in maximizing the value of
The Jim Henson Company and its assets as we pursue the potential sale process
that we have previously announced. This transaction enables us to monetize our
stake in Crown Media, while at the same time free up our program library and
future production capacity."

About Crown Media Holdings, Inc.

Crown Media Holdings, Inc. owns and operates pay television channels dedicated
to high quality broad appeal entertainment programming. The Company currently
operates and distributes two cable channels: Odyssey Network/the Hallmark
Channel in the U.S. and the Hallmark Channel in more than 100 international
markets. The combined channels have more than 65 million subscribers worldwide.
Significant investors in Crown Media Holdings include Hallmark Entertainment,
Inc., a subsidiary of Hallmark Cards, Inc., Liberty Media Corp., VISN Management
Corp. (for-profit subsidiary of the National Interfaith Cable Coalition) and J.
P. Morgan Partners (BHCA), L. P.


Statements contained in this press release may contain forward-looking
statements as contemplated by the 1995 Private Securities Litigation Reform Act
that are based on management's current expectations, estimates and projections.
Words such as "expects," "anticipates," "intends," "plans," "believes,"
"estimates," variations of such words and similar expressions are intended to
identify such forward-looking statements. Forward-looking statements are subject
to risks and uncertainties, which could cause actual results to differ
materially from those projected or implied in the forward-looking statements.
Such risks and uncertainties include:
<PAGE>   12


competition for distribution of channels, viewers, advertisers, and the
acquisition of programming; fluctuations in the availability of programming;
fluctuations in demand for the programming Crown Media airs on its channels; and
other risks detailed in the Company's filings with the Securities and Exchange
Commission, including the Risk Factors stated in the Company's 10-Q Report for
the quarter ended March 31, 2001. Crown Media Holdings is not undertaking any
obligation to release publicly any updates to any forward looking statements to
reflect events or circumstances after the date of this release or to reflect the
occurrence of unanticipated events.


FOR ADDITIONAL INFORMATION AT CROWN MEDIA, PLEASE CONTACT:

INVESTOR RELATIONS:                           MEDIA:
Mary Ellen Adipietro                          Les Eisner
Lippert/Heilshorn & Associates                The Lippin Group/LA
212-838-3777                                  323-965-1990
adipietro@lhai.com                            leisner@lippingroup.com

Karen Pisciotta                               Don Ciaramella
Lippert/Heilshorn & Associates                The Lippin Group/NY
212-838-3777                                  212-986-7080
kpisciotta@lhai.com                           don@lippingroup.com

                                              Elissa Grabowski
                                              Lippert/Heilshorn & Associates
                                              212-838-3777
                                              elissa@lhai.com

FOR ADDITIONAL INFORMATION AT HALLMARK CARDS, PLEASE CONTACT:

Julie O'Dell                                  Steve Doyal
Hallmark Cards                                Hallmark Cards
816-274-5923                                  816-274-4314
jodell1@hallmark.com                          sdoyal2@hallmark.com

FOR ADDITIONAL INFORMATION AT THE JIM HENSON COMPANY, PLEASE CONTACT:

Debbie McClellan
The Jim Henson Company
323-802-1606
dmcclellan@henson.com