Chase Capital Partners, the private equity arm of Chase Manhattan Corp., said Thursday that it has invested $50 million in Hallmark Entertainment Network, a cable television subsidiary of Hallmark Entertainment Inc.
Hallmark Entertainment, itself a subsidiary of Hallmark Cards, formed the cable company in 1995 to operate and distribute 24-hour pay-per-view television service.
Hallmark Entertainment Network anticipates starting up its second channel later this year. The Kermit Channel will distribute family programming to international markets in a joint venture with the Jim Henson Co.
Hallmark plans to use Chase's investment capital for future growth and development of cable television channels in the United States and in foreign markets.