Oaktree Capital Management is taking a role in Millennium Radio New Jersey, an eleven-station radio group active in three in-state markets. Oaktree is a force behind other radio groups, including new group on the block Townsquare Media.
Terms of the deal were not disclosed, and it is subject to approval by the FCC. According to reports, Oaktree will provide recapitalization for the group. Millennium CEO Bill Saurer says that the deal will strengthen the group and help it grow.
The group’s flagship station is WKXW-FM Trenton, a News-Talker that focuses on New Jersey issues. Its Class B signal reaches as far north as Newark, gets to both Easton and Philadelphia in neighboring Pennsylvania, and extends east to the Atlantic Ocean, but not far enough south to pull in listeners from Atlantic City.
Millennium has five stations in Atlantic City, however. Two are licensed to nearby towns: WSJO-FM 104.9 Egg Harbor City and ESPN WENJ-FM 97.3 Millville. Three are licensed to Atlantic City: ESPN DePortes WENJ-AM 1450, Cat Country WPUR-FM 107.3 and Lite Rock WFPG-FM 96.9.
The other stations are to the north in the Monmouth-Ocean market. The cluster includes The Point WJLK-FM 94.3 and Good Time Oldies WADB-AM 1310 in Asbury Park, Soft Rock WOBM-FM Toms River, Good Time Oldies WOBM-AM 1160 Lakewood Township, Classic Rock Hawk WCHR-FM 105.7 Manahawkin.