Joint Venture With iBiquity Will Accelerate Availability of High-Definition Broadcasts for Clear Channel Radio Listeners of 1,000 Stations
SAN ANTONIO - - July 22, 2004 - - Clear Channel Communications Inc. (NYSE:CCU) Clear Channel Radio today announced an Advanced Technology Initiative to identify, develop and deploy technologies and products that improve the quality of radio for listeners, advertisers and the industry. In its first moves, the company today named longtime radio -technology expert Kevin Lockhart to the newly created position of senior vice president of technology development and announced it will accelerate the rollout of digital radio.
"Radio has a great opportunity to capitalize on new technologies," said John Hogan, chief executive officer of Clear Channel Radio. "Kevin Lockhart has been instrumental in advancing radio technology for many years, the past four with Clear Channel Radio. We're committed to leading the industry in this important area and he is an ideal person to lead our effort to exploit new technology developments."
Clear Channel Radio will immediately begin an aggressive rollout of digital broadcasting equipment to 1,000 of the company's stations, working with iBiquity Digital Corporation's HD Radio(TM) technology. Terms of the relationship with iBiquity were not disclosed.
Specifically, the company plans to install 95% of its top 100 markets within three years.
"Digital radio is a transforming application and Clear Channel Radio is committed to passing on its benefits to our listeners," said Lockhart. "The ability to deliver radically improved, CD -quality radio programming and reception, along with data and related services, is a powerful advantage for the radio industry and an important advance for listeners."
About Clear Channel Radio
Clear Channel Radio is a leading radio company focused on serving local communities across the U.S. with more than 110 million listeners choosing Clear Channel Radio programming each week. The company's operations include radio broadcasting, syndication and independent media representation. Clear Channel Radio is a division of Clear Channel Communications Inc. (NYSE:CCU), a leading global media and entertainment company. More information on the company can be found at www.clearchannel.com.
Certain statements in this release constitute "forward -looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward -looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward -looking statements.
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