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Firms Invest $22 Million in AudioNet

January 15, 1998|Reuters

AudioNet, a closely held Internet broadcast network, said it has raised an additional $22 million in funds after a round of financing from primary investors Motorola Inc., Intel Corp. and Yahoo Inc. The Dallas-based company did not give details of the specific investments from each company. But on Jan. 7 Yahoo said it had invested $1.35 million in cash for a minority stake in AudioNet. In a statement, AudioNet Chief Executive Todd Wagner said the funds will "provide us with the business relationships and financial strength to maintain our leadership position in Internet broadcasting." AudioNet provides Web users with live and on-demand audio and video broadcasts, which include radio, sports and news events and popular music. Other investors in this round of funding include certain principals of investment firm Hicks, Muse, Tate & Furst Inc. and marketing agency Killion McCabe & Associates, AudioNet said.

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