Nassau
Broadcasting Announces Proposed Sale of Five Jersey
Shore Radio Stations for $90 million
PRINCETON,
N.J., June 11, 2001 -- Nassau Broadcasting Partners, L.P.,
a leading radio group that focuses on mid-sized radio stations
in the affluent Northeastern U.S., today announced that
it has finalized an agreement to sell its Shore Cluster
radio stations to Millennium Radio Group, LLC for a transaction
valued in excess of $90 million. Nassau's Shore Cluster
includes five radio stations: WJLK-FM, WADB-AM, WOBM-FM,
WOBM-AM and WBBO-FM. Completion of the sale transaction
is subject to final FCC approval.
Commenting
on the agreement, Louis F. Mercatanti, Jr., President and
Chief Executive Officer of Nassau, said, “In bringing
about the sale of the Shore cluster portfolio, we sought
an optimal fit for our stations, brand and management team,
and with Millennium we have achieved that.”
