Millennium Radio Restructures; Oaktree Capital To Take Over
May 9, 2011 at 7:23 AM (PT)
ALL ACCESS has learned that MILLENNIUM RADIO GROUP OF NEW JERSEY, which owns 11 stations in three GARDEN STATE markets, including Talk WKXW (NEW JERSEY 101.5)/TRENTON, will file a restructuring plan with the FCC tomorrow. An investor group made up of funds managed by OAKTREE CAPITAL MANAGEMENT, which holds the debt of MILLENNIUM, will take over the company.
"We are pleased to partner with OAKTREE to substantially strengthen our capital structure," said MILLENNIUM Pres./CEO BILL SAURER in a press release issued after ALL ACCESS' initial report on the deal. "Following the acquisition, we will benefit from a strong financial position and solid cash flow, giving us the flexibility to continue to invest in our operations and execute our strategy. This transaction will preserve MILLENNIUM's unique voice in the State of NEW JERSEY and enhance our ability to fully benefit from the rebound in the nation's advertising industry."
The move will heat up rumors of a subsequent spin of MILLENNIUM to another broadcasting group, with industry insiders speculating that TOWNSQUARE MEDIA, which owns 171 radio stations in 36 small to mid sized markets, would be a likely candidate. TOWNSQUARE told ALL ACCESS that it does not comment on mergers and acquisitions.