The Crown Media Holdings Inc. board of directors has hired Morgan Stanley & Co. as its independent financial advisor to review an offer to recapitalize the company’s debt. Studio City-based Crown Media is the owner and operator of the Hallmark Channel and the Hallmark Movie Channel. The offer under review came in May from Hallmark Cards, Crown’s primary debt holder. The proposals is to recapitalize a majority of Crown’s debt in exchange for debt and convertible preferred stock. Mark R. Madler