In a nutshell, the “Idaho faction” (Mike Kestler et al.) walks away with close to half the full-power FM stations in the CSN inventory and the overwhelming majority of translator stations (400+). The “California faction” (Chuck & Jeff Smith et al.) retains control of 29 full-power stations and just two translators, as well as most of those currently wending their way through the application- and construction-approval process at the FCC (with whom a copy of this settlement agreement has already been filed). The Idaho faction will make a symbolic payment of $200,000 to the California faction for the media empire it’s wangled out of the deal, as well as bear the costs of doing the necessary FCC paperwork to formalize this schism.
The long-awaited L.A. Times piece on the problems at the Calvary Satellite Network was published today. It doesn’t include much more than we already knew, save for a few interesting factoids:
1. The CSN network is valued at $250 million, most of that in the form of the licenses for the 450+ full-power FM and translator stations it owns.