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Millennium Radio Group, LLC to Acquire 'New Jersey 101.5' (WKXW-FM) and Two Additional New Jersey Radio Stations From Press Communications, LLC.AMHERST, N.Y., June 6, 2001 PRNewswire --
Millennium Radio Group, LLC, a partnership formed by UBS Capital Americas, LLC, a private investment firm, and Mercury Capital Partners, L.P., a media investment firm, today announced that it has agreed to acquire "New Jersey 101.5" (WKXW-FM) and two additional New Jersey radio stations from Press Communications, LLC. "New Jersey 101.5" is one of New Jersey's most successful radio stations and has one of the state's largest signal coverage areas. In addition to "New Jersey 101.5," Millennium will acquire WBUD-AM, licensed in Trenton, New Jersey, and WBSS-FM, licensed in Corbin City, New Jersey, from Press. Millennium was formed by UBS Capital Americas and Mercury Capital Partners to build a network of well-positioned radio stations in large- and mid-sized U.S. markets. In March, Millennium announced its agreement with Citadel Broadcasting Company, the operating subsidiary of Citadel Communications Corporation, to acquire three radio stations (WFPG-FM, WFPG(AM), WPUR-FM) and a time brokerage agreement for a fourth station (WKOE-FM) in Atlantic City, New Jersey. "Our transaction with Press underscores our commitment to building a network of radio stations in large- and mid-sized U.S. markets," said Michael Greene, Partner of UBS Capital Americas. "The opportunity to acquire three high quality radio assets from Press and group them with our existing Atlantic City cluster is an important step toward achieving that goal. We also believe that New Jersey is an exceptional state for radio broadcasters with its strong growth and demographic profile." "We are particularly excited about our acquisition of 'New Jersey 101.5,' the premier radio station for New Jersey-focused news, talk, weather and traffic programming," said Charles Banta, President of Mercury Capital Partners and a partner of Millennium Radio Group. "We believe that 'New Jersey 101.5,' serving a population equivalent to the fourteenth largest U.S. market, is one of the best radio stations of its kind in the U.S. Press has built a well-recognized brand and we look forward to enhancing 'New Jersey 101.5's' market-leading position." Peter Handy, President of Star Media Group, a leading media brokerage firm, acted as an advisor to Millennium Radio Group and is a minority investor in the partnership. Dallas-based Star Media has advised on over $16 billion in media transactions over the last 10 years. Kalil & Co., Inc. of Tucson, Arizona represented Press Communications. The transaction is expected to close by the third quarter of this year, subject to FCC approval and other closing conditions. About UBS Capital Americas UBS Capital Americas is a leading private investment firm with more than $2.5 billion of funds under management. Its funds focus on emerging growth companies in North and South America in a variety of industries, including diversified general growth industries, communications and technology. UBS Capital Americas is headquartered in Stamford with offices in New York City.