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January 05, 2005
Historic Agreement Propels Digital HD Radio™ 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 , NV , International Consumer Electronics Show - January 5, 2005 – 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. (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.
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™ 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: www.ibiquity.com.
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MEDIA CONTACTS
Karen L. Mateo
Vice President, Communications
(212) 649 9639
Allison Mandara
Communications Coordinator
(212) 649 9606
Dana McClintock
Senior Vice President,
CBS Communications Group
(212) 975 1077
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