Calvary Chapel of Costa Mesa is clearing 11 full-power stations and another 20 FM translators out of its portfolio, sending them to Calvary Radio Network. All of them are in the Midwest. The buyer has the option to continue using the seller’s network programming.
Calvary Chapel is headed by Charles W. Smith; Calvary Radio Network is headed by James Motshagen.
The price, $1M, will be handled via a promissory note.
Should the buyer go forward with the seller’s programming, the seller will continue to rake in revenue generated by it, with the buyer taking 20% as a commission. The use of the programming is strictly at the buyer’s option.
The stations include WJCZ-FM Milford IL, WPJC-FM Pontiac IL, WJCY-FM Cicero IN, WOJC-FM, Crothersville IN, WHLP-FM Hanna IN, WQKO-FM Howe IN, WJCO-FM Montpelier IN, WCJL-FM Morgantown IN, WTMK-FM Wanatah IN, KIHS-FM Adel IA and WJWD-FM Marshall WI.