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PRI® and Public Interactive® Approve Merger and Recapitalization Plan
MINNEAPOLIS, June 2, 2004 -- Public Interactive,
public broadcasting's leading provider of online tools and services for
stations, is recapitalizing under a plan whereby it will become a
non-profit company and will operate in affiliation with Public Radio
International. The boards of both organizations have approved the plan,
as have Public Interactive's shareholders.
Public Interactive, Inc., a for-profit company whose
investors included PRI, public radio and television stations,
foundations, and individuals, will merge with a non-profit company
organized by PRI. The merged entity will operate under the Public
Interactive name and will retain its Boston staff and base of
operations, providing uninterrupted service to its client stations
nationwide. PRI will provide financial and marketing services to the
new company, and will assist in fundraising. A new board of directors
is being formed that will include members from inside and outside
public broadcasting.
Making the announcement, Public Interactive President
Tom Lix and PRI President Stephen Salyer said, "This merger allows
Public Interactive to become stronger financially, to take full
advantage of PRI's capacities in marketing, fundraising, and financial
services, and to move rapidly toward financial breakeven."
Leading Public Interactive, Lix and Salyer said, will
be Debra May Hughes, chief operating officer, and Cindy Shuman, acting
chief financial officer. Hughes says, "Our Web tools are the best in
the business, and we're excited about the opportunity to accelerate the
development of signature products and services for public stations."
Lix announced that he will step down as president of
Public Interactive, effective with the completion of the merger. "As
founder and president of Public Interactive, I am enormously proud of
all we've accomplished over the past five years. I am pleased that
Debra May Hughes will continue to lead product and service development,
and that PRI is providing support that will enable Public Interactive
to reach greater heights."
Salyer added, "Public Interactive would not exist
without Tom Lix's vision and commitment. His understanding of the
Internet's potential and what it can mean for public broadcasting will
continue to inspire our efforts."
Salyer also expressed his appreciation to the Ford Foundation for a new grant to Public
Interactive and to The Atlantic Philanthropies for its
current funding support. Salyer said,"Both the Ford Foundation and The
Atlantic Philanthropies have played substantial roles in building
Public Interactive, and we are delighted by their support for the
company's recapitalization."
About Public Radio International®
PRI is public radio's leading source for innovative programming and
audio content. The Minneapolis-based network and managing partner of
American Public Radio LLC, the satellite radio company, provides over
400 hours of programming each week, content that is broadcast and
streamed online by its 743 clients nationwide, who reach 29.2 million
listeners each week. PRI programming is also available nationwide via
Sirius Satellite Radio. For more information on PRI and its programs,
visit the PRI website at www.pri.org.
About Public Interactive®
Public Interactive® is the leading integrated Application Service
Provider (ASP) of online collaborative tools, community engagement
technologies, content syndication services, and member and audience
relationship management systems for the public broadcasting industry.
Leveraging the on-air reach and content-focused education and
information activities of community-based public radio and television
stations, Public Interactive provides a modular series of advanced,
interactive plug-and-play components, which enable stations to
cost-effectively build and support their online initiatives.
As a station-centric and station-supported network,
Public Interactive is designed to efficiently serve an extensive and
rapidly expanding network of client public broadcasting stations - a
cooperative and supportive network purposely designed with a distinct
and advantageous value proposition for member stations.
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Contact:
Dan Jensen
Public Radio International
612-330-9212
djensen@pri.org
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