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"We are pleased to have found a creative new way for our artists' music
to reach its audience through RadioWave’s programmed channels."
—--EMI Sr. VP New Media Jay Samit

EMI SWEPT UP IN RADIOWAVE

Deals Get Dot-Com's Motorola
March 9, 2000

Former Motorola subsidiary RadioWave.com has announced the completion of first-round private financing to the tune of $20.5 million. The company, which creates customized streaming audio players that combine graphics, interactive advertising and e-commerce with music, received investments from round leader Warburg, Pincus Equity Partners, L.P. as well as FBR Technology Venture Partners and Intel Capital. Motorola retains a major interest in the new venture, but plans to just sit around and let the money roll in.

RadioWave.com is attempting to set the standard for interactive audio programming, and to that end has also announced new alliances with EMI and Susquehanna Radio Corp. The non-exclusive EMI agreement will allow RadioWave to produce 24-hour Internet-only radio channels around EMI brands. Meanwhile, Susquehanna will be the first group to use RadioWave’s proprietary live broadcast advertising insertion technology, reportedly the first to allow radio stations the ability to separate their over-the-air and Internet broadcast ad inventory so the same ad spot can be sold twice, once for each medium. Currently, a complementary triple-billing system to be used for wringing the last wrinkled dollar out of ad clients is still under development.

Blue Note Radio, created by RadioWave and Blue Note Records, launched two weeks ago and is the first branded channel put up by RadioWave. Additional channels are in the works.

“We are delighted to be working with RadioWave, who we believe is an innovator in its field, and we are pleased to have found a creative new way for our artists’ music to reach its audience through RadioWave’s programmed channels,” Said EMI’s Sr. VP of New Media Jay Samit. “I just hope they don’t sue the pants off of us.”

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