in the company was then about 65% of the company's outstanding common stock and completed on October 1, 2001. After reaching agreements to distribute a religious digital cable network, among other concessions, Odyssey was relaunched by Crown Media as the Hallmark Channel in August 2001, with plans for expansions to original programming. At the end of her contract, Loesch stepped down as the president and CEO of Crown Media US in November 2001. In January 2004, the company established Hallmark Movie Channel as a sister outlet to Hallmark Channel. The new channel was on track in 2005 to have 9 million subscribers by the end of 2006. In March 2004, Hallmark Entertainment sold the Filmation library to Entertainment Rights for $20 million (£11 million). In 2005, Hallmark Entertainment put the Hallmark Channel up for sale, but withdrew it from the market after receiving insufficient offers. Losing $233 million in 2005, Hallmark got a tax-sharing agreement allowing Crown's losses to applied against Hallmark Card's gains. Crown Media had $750 million in loans from Hallmark Cards out of a total of $800 million total loans against $1 billion in equity. While minority investors, Liberty Media International Inc. and JPMorgan Chase, might have sold, company management move to clean up the balance sheet and acquire new programming. Hallmark Channels in international markets were sold for about $242 million in 2005 to Sparrowhawk Media, a private equity group backed by Providence Equity Partners and 3i. In December 2005, Crown Media sold off its production arm to an investor group led by RHI founder Robert Halmi Sr. and renamed back to RHI Entertainment. Crown moved to reduce staff by 20% to reduce $13–14 million or more from the balance sheet in 2006. In June 2006, David Evans resigned as CEO then joined RHI as head of global new-media operations and channel. Crown Media had a 3,000-hour library worth $375 million by mid-2006. Crown Media then sold to RHI Enterprises, LLC its media library in November 2006. In October 2006, Henry Schleiff was hired as CEO from Court TV to prepare it for sale and deal with cable carriage deals expiring (as the channel was at the time in 70 million homes). He would receive a bonus if the channel was sold. Schleiff left as CEO in May 2009. He was replaced by Bill Abbott, previous ad sales head. Crown Media had about $1.1 million in