Tuesday, May 10, 2011
Millenium's NJ Stations Acquired By Oaktree Capital
According to a story by Elaine Rose at pressofaltanticcity.com, the details of the sale to Oaktree Capital Management of Los Angeles were not disclosed. The sale is contingent on approval by the Federal Communications Commission.
Millennium Radio had been in financial difficulties for several years after it ran up debt by overpaying for its radio stations, industry analysts said.
Plans for Millennium's 11 New Jersey stations were not announced.
Talk station WKXW-FM 101.5, heard in most of the state, is Millennium's flagship station.
Millennium CEO Bill Saurer said in a statement Monday that the company will benefit from a strong financial position and solid cash flow as a result of the sale.
Posted 7:09:00 AM