Calvary Radio Network (CRN) acquired a sprawling portfolio of stations from CSN International over the summer, and now it in turn is spinning them to Calvary Chapel of Costa Mesa Inc., headed by Charles W. Smith. 26 full power stations and numerous translators stretching from coast to coast with many stops in between will move without cash consideration. Rather, the buyer will cancel $2M in debt from the selling CRN. Also, the buyer has paid $500K for as-yet-unclaimed air time on the stations, and it will release CRN from that obligation, bringing the total value of the transaction to $2.5M.
