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July 19, 1998

BROADCAST.COM ANNOUNCES ARRIVAL WITH SPECTACULAR IPO

By CBR Staff Writer

Broadcast.com, the Dallas-based aggregator of internet audio and video programming got its initial public offering away on Friday, selling 2.5 million shares at $18 per share, raising $45m before expenses. Broadcast.com was until recently known as AudioNet. However, as soon as trading began, the shares shot through the roof, opening at $68 before eventually closing at $62.75 on volume of 6.5 million. The price was raised at the last minute by lead manager Morgan Stanley from $11 to $13 to $14 to $16m, and then beat that by $2 when the shares were actually sold, indicating strong demand for the stock. Broadcast.com has more then 360 radio and television affiliates and also broadcasts events such as shareholders meetings, audio books and full-length CDs. In the three months to March this year it lost $2.7m on revenues of $3.2m and last year recorded net losses of $6.5m on revenues of $6.8m. The 2.5 million shares represent 14.8% of the total equity and after the dilution, major shareholders Motorola Inc and Intel Inc will be left with 14.0% and 5.0% respectively.

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