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iBiquity Raises $42 Million

COLUMBIA, MD -- July 29, 2009: HD Radio developer iBiquity Digital lists CBS Radio, Clear Channel, Entercom, Radio One, and other investors in a filing with the Securities and Exchange Commission reporting that it's raised $42 million. Also among the investors are New Venture Partners, Grotech, and FirstMark Capital.

The offering includes $42.5 million in shares, with $21.1 million in cash and the rest in an exchange of stock.

iBiquity just introduced its first portable HD receiver, on shelves now at Best Buy under the Insignia name, and is pushing for the FCC to authorize a power upgrade for HD signals.

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