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.