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.