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RHI Entertainment Prices Low IPO

RHI Entertainment Inc., a New York-based producer of made-for-TV movies and other television programming, raised $189 million via an IPO. The company priced $13.5 million shares at $14 per share, which was lower than the $16-$18 per share expectations.


It will trade on the Nasdaq under ticker symbol RHIE, while JPMorgan and Banc of America Securities served as co-lead underwriters.


RHI was previously known as Hallmark Entertainment, before being acquired and renamed by Kelso & Co. and members of company management in January 2006. Later that year, RHI acquired the domestic rights to Crown Media's film library, which Crown had originally bought from Hallmark Entertainment six years earlier.