On Monday, Millennium Radio New Jersey announced that 11 local radio stations would be acquired by investor group Oaktree Capital Management.
The agreement, which is subject to required regulatory approvals regarding the local radio stations, calls for Oaktree to recapitalize the company in order to strengthen its balance sheet and position it for continued growth.

"Following the acquisition of the local radio stations, 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," Millennium's President and CEO, Bill Saurer said.
New Jersey Radio veteran Tom Taylor speculates that Oaktree Management will eventually turn the local radio stations over to Connecticut-based Townsquare Media. Townsquare currently operates 170 local radio stations across the country. The company's biggest investor is Oaktree Capital.