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." 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."
In an obvious jab at Satellite Radio, 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...and we do it for free!.."
"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 allow us to better serve the interests of our local communities and markets of all sizes will benefit." "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..."
HD Radio Technology
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 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.
Participating Broadcast Groups
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. (NASD: CMLS), Emmis Communications Corp. (NASD: 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. (NASD: ROIAK and ROIA), Regent Communications, Inc. (NASD: RGCI), Saga Communications, Inc. (NYSE: SGA), Sandusky Radio, Susquehanna Radio Corp., and Univision Radio, Inc.
- Portions from an iBiquity Digital Corporation News Release
