HD Radio Developer iBiquity Digital Sold To DTS
September 2, 2015 at 4:09 AM (PT)
iBIQUITY DIGITAL CORP., the company that developed HD RADIO, has been sold to digital audio company DTS for about $172 million in cash and debt.
“DTS has long been at the forefront of the highest quality audio technology, and we saw a similar spirit at iBIQUITY, which identified an opportunity to revolutionize traditional AM/FM broadcasting and is now strongly positioned to capitalize on broadcast radio’s ongoing digital upgrade,” said DTS Chairman/CEO JON KIRCHNER. "This transaction extends our strategy of delivering a personalized, immersive and compelling experience across the network-connected entertainment value chain, and complements our existing suite of technology and content delivery solutions while enabling us to strengthen our position in the large automotive OEM market. Consumers have come to expect a higher quality sound experience in their car, and we believe there is a tremendous opportunity for DTS to capitalize on the upgrade to HD RADIO technology as cars are increasingly equipped with screens and advanced entertainment systems. We are thrilled to welcome the talented iBIQUITY team to the DTS family.”
“We are excited to join forces with DTS, a true pioneer in high definition audio,” said iBIQUITY Pres./CEO BOB STRUBLE, who will remain on board to lead the HD RADIO business for DTS. “In DTS, we have found a like-minded partner and we look forward to bringing our breakthrough HD RADIO technology to the DTS portfolio of solutions. Today’s announcement is an exciting step forward for our employees and customers, who will benefit from the additional scale and enhanced resources of a larger collective company.”
The deal is expected to close later this year.