Historic Agreement Propels Digital HD Radio(TM) Broadcasting Forward
January 05 2005 - 10:00AM
PR Newswire (US)
Historic Agreement Propels Digital HD Radio(TM) Broadcasting
Forward 21 Leading Radio Groups Accelerate Rollout of iBiquity's HD
Radio Technology, Commit to Convert 2,000 AM & FM Stations to
Digital LAS VEGAS, Jan. 5 /PRNewswire/ -- International Consumer
Electronics Show -- Twenty-one of the nation's top radio broadcast
groups and iBiquity Digital Corporation announced an historic
agreement today to accelerate broadcast conversion of 2,000 AM and
FM stations to digital HD Radio technology. Combined with the
current 500 stations licensed, 2,500 stations have embarked on an
HD Radio future, covering all of the nation's top 100 markets and
beyond. The agreement includes station commitments from the
following broadcast groups: ABC Radio (NYSE:DIS), Beasley Broadcast
Group, Inc. (NASDAQ:BBGI), Bonneville International Corp., Clear
Channel Communications, Inc. (NYSE:CCU), Cox Radio, Inc.
(NYSE:CXR), Cumulus Media, Inc. (NASDAQ:CMLS), Emmis Communications
Corp. (NASDAQ:EMMS), Entercom Communications Corp. (NYSE:ETM),
Entravision Communications Corporation (NYSE:EVC), Greater Media,
Inc., Infinity Broadcasting, a division of Viacom Inc. (NYSE: VIA;
VIA.B), Jefferson-Pilot Communications Co., Journal Broadcast
Group, Liberman Broadcasting, Inc., NextMedia Group, Inc., Radio
One, Inc. (Nasdaq: ROIAK; ROIA), Regent Communications, Inc.
(NASDAQ:RGCI), Saga Communications, Inc. (NYSE:SGA), Sandusky
Radio, Susquehanna Radio Corp., and Univision Radio, Inc.
Separately, the Corporation for Public Broadcasting (CPB) announced
recently a matching grant program for an additional 159 Public
Radio stations to speed HD Radio conversions. With matching funds
of $21M to date, this brings the total Public Broadcast station
commitment to 309. Another round of matching CPB funds is expected
in 2005. "Our aggressive rollout of digital radio demanded a proven
technology and a strong partner. We found both in iBiquity," said
Randall Mays, EVP/chief financial officer of Clear Channel
Communications, Inc. "We can accept nothing less for an advance
that's so important to the radio industry." "Consumers are
constantly in search of new technologies which will enhance their
overall listening experience," said Joel Hollander, president and
chief operating officer, Infinity. "HD Radio not only delivers
improved sound quality but can provide the kind of on-demand
information radio listeners desire. We are pleased to take this
important step in bringing HD Radio to the forefront of the
industry." Lewis W. Dickey, Jr., chairman and CEO, Cumulus Media
commented, "We are excited to be a part of this extraordinary time
in radio's history. Providing radio listeners with digital HD Radio
will bring a depth of audio enhancement second to none while
providing additional revenue streams from new services and
applications. From a business perspective, these are very exciting
times for Cumulus and the industry as a whole." Peter Smyth,
president and CEO of Greater Media observed, "HD Radio is an
investment in the future of our medium, especially in-car
listening. I have HD Radio in my car, and it's just amazing when
the music surrounds you; it's a whole new quality of experience.
Superior sound, coupled with the information that we can display on
the dashboard, will allow us to provide all our Greater Media
listeners with vastly improved entertainment, and we do it for
free! We encourage receiver manufacturers to put HD Radio in every
car in the country." "HD Radio will especially benefit those in
middle and small-sized markets," added Terry Jacobs, Chairman and
CEO of Regent Communications. "This new technology will enable us
to bring more local programming broadcast at a higher quality than
ever before. HD Radio is simply another tool that will allow us to
better serve the interests of our local communities and markets of
all sizes will benefit." Edward O. Fritts, president and CEO,
National Association of Broadcasters said, "Whether it's playing
regional music or providing news during times of crisis, local
radio has its finger on the pulse of the community. It is a bond
that no satellite service, cable channel or MP3 player can ever
hope to duplicate. Today's announcement demonstrates the commitment
of America's terrestrial broadcasters to the promise of digital and
ensures an improved listening experience for the 175 million daily
listeners of local AM and FM radio stations." Gary Shapiro,
president and CEO, Consumer Electronics Association commented, "The
digital revolution which began with CDs and extended to HDTV,
cameras and other products is now transforming local radio. The
breadth of manufacturers introducing HD Radio products at
International CES and broadcasters announcing support for HD Radio,
bode well for a successful transition to digital radio." "Today's
announcement cements radio's commitment to digital broadcasting and
provides the needed infrastructure to enable nationwide coverage,"
said Robert Struble, president and CEO, iBiquity Digital
Corporation. "In many ways, this announcement is as significant as
the FCC's approval of HD Radio technology more than two years ago,
and we want to acknowledge these broadcasters for demonstrating the
foresight and leadership to make this commitment. We anticipate
this announcement will also accelerate the HD Radio rollout for
automakers, consumer electronics manufacturers and retailers."
Merrill Lynch and Deutsche Bank advised iBiquity during commitment
discussions with major radio broadcast groups. HD Radio technology
transmits digital audio and data alongside existing AM and FM
analog signals, allowing listeners with HD Radio compatible
receivers to enjoy CD-quality sound and virtually eliminating the
static, hiss, and pops associated with analog radio. The technology
also provides a platform for advanced digital services that will
deliver listeners a variety of desired information such as song
titles, artist names, traffic updates, weather forecasts, sports
scores, and more. Additionally, HD Radio's Supplemental Audio
Services feature -- which was recognized as an honoree in the
Innovations 2005 Design and Engineering Showcase held in
conjunction with this year's CES -- will allow FM stations to
divide their broadcasts into multiple, distinct program streams,
thereby increasing the diversity of content available to consumers.
About iBiquity Digital iBiquity Digital is the sole developer and
licenser of HD Radio(TM) technology in the U.S., which is
transforming today's AM and FM radio stations to digital, enabling
radically upgraded sound, crystal-clear reception and new wireless
data services. The company's investors include 15 of the nation's
top radio broadcasters, including ABC, Clear Channel and Viacom;
leading financial institutions, such as Grotech Capital Group, J.P.
Morgan Partners, New Venture Partners, Pequot Capital and J&W
Seligman; and strategic partners Ford Motor Company, Harris, Texas
Instruments and Visteon. iBiquity, named one of Deloitte's Fast 500
Companies, is a privately held with operations in Columbia, MD,
Detroit, MI, Belmont, CA and Warren, NJ. For more information
please visit: http://www.ibiquity.com/. DATASOURCE: iBiquity
Digital Corporation CONTACT: Gil Chorbajian of Ogilvy Public
Relations, office: +1-518-355-0966, mobile: +1-518-852-9528, , for
iBiquity Digital Corporation; or Vicki Stearn of iBiquity Digital
Corporation, office: +1-410-872-1565, mobile: +1-301-656-1054, Web
site: http://www.ibiquity.com/
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