iBiquity Digital Corporation is a privately held company. The company's history traces back to USA Digital Radio that was formed in 1991 by CBS, Gannett and Westinghouse to explore opportunities for digital AM and FM broadcasting. USA Digital Radio developed the base technology underlying HD Radio™ Technology. In 1998, USA Digital Radio was spun out as a separate company and backed by investment from 13 of the nation’s leading radio broadcasters. In 2000, USA Digital Radio merged with Lucent Digital Radio to form iBiquity Digital Corporation. Now the company's investors include 15 of the nation's top radio broadcasters (including iHeartMedia, CBS Radio and Entercom), leading financial institutions, and strategic partners.