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Press Releases

Nassau Departs Ocean/Monmouth Markets

6/23/2004

Princeton, NJ -- Nassau Broadcasting Partners, L.P. announced today that they have entered into a comprehensive agreement with Millennium Radio Group for the sale of WCHR-FM and WOJZ-FM for $40 million. Nassau originally sold 5 stations to Millennium in 2002 for approximately $101 million with the option for Millennium to acquire WCHR-FM at some point in the future. The agreement provides for the immediate closing of WCHR-FM and the sale of WOJZ-FM subject to FCC approval. The FCC approved the sale of WCHR-FM in March.

Upon closing on the sale of WOJZ-FM, currently contemplated to be later this year, Nassau will depart the Monmouth, Ocean and Atlantic City, N.J. markets. Nassau owned and operated WJLK-FM, WOBM-FM, WBBO-FM, WOBM-AM and WADB-AM, and sold these stations in 2002. Nassau will continue to own WOJZ-FM “Smooth Jazz” until the closing.

“We would like to thank our loyal listeners, advertisers, staff and management that made Nassau’s ownership and operation of the stations in these markets so successful in every measure. Millennium Radio has continued the growth, progress and momentum of the Monmouth/Ocean market that Nassau began implementing in 1996 and we wish them well with the new additions to their great family of stations”, Mr. Louis F. Mercatanti, Jr., President and CEO, remarked about the agreement.

About Nassau Broadcasting Partners, L.P.

Nassau Broadcasting Partners, L.P., a privately held firm, owns and operates 31 radio stations and has under contract or agreement to purchase an additional 24 stations. Pro forma for pending transactions, Nassau is the 26th largest broadcaster in terms of revenue and 14th largest in terms of number of stations in the U.S.