This will be a debt-to-equity conversion for Los Angeles-based Oaktree Capital, which will re-structure and recapitlize Millennium-New Jersey. The April 12 TRI Newsletter at Radio-Info.com reported speculation about a takeover of Millennium by Townsquare Media, which is also backed by Oaktree. But what is being announced today is a step removed from that: Millennium will be going directly to Oaktree. It's very possible that once the FCC approves the ownership transfer of 11 stations, including talk-and-classic hits "NJ 101.5" WKXW, Trenton, that a second step will be placing the Millennium stations into Townsquare Media. Connecticut-based Townsquare was formed in 2010 by FiveWire Media Ventures principals such as Steven Price, Stu Rosenstein and Alex Berkett. Its largest investor is Oaktree. (Read more about Townsquare here). Most of the Millennium-NJ stations are along the Jersey shore, and were originally acquired from Nassau Broadcasting. The New Jersey Board of Radio-Info.com has been following the speculation about Millennium-NJ and the latest chatter is here.