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USA Digital Radio raises $41 million

By BroadCasting & Cable Staff -- Broadcasting & Cable, 5/14/2000 8:00:00 PM

In-band on-channel (IBOC) digital radio proponent USA Digital Radio closed a $41 million private-equity financing round last month.

The new investors: Allbritton New Media; Beasley Broadcast Group; Bonneville International; ComVentures; DB Capital Partners; Flatiron Partners; Grotech Capital Group; Harris Corp.; H & Q Venture Associates; J. & W. Seligman & Co.; Regent Communications; Riggs Capital Partners; Saga Communications; TI Ventures; Waller-Sutton Media Partners; Whitney & Co.; and Williams, Jones & Associates.

Existing USA Digital Radio backers who anted up again: Chase Capital Partners, Gannett and Radio One.

USA Digital Radio has obtained experimental licenses to test the system at eight stations, including WNEW-FM New York and WHFS-FM Washington.

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