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106-565: In the 1940s and 1950s, FM radio stations began to appear all over the US, generally alongside a sister AM station . Most stations held their FM license by simulcasting the programming of the AM sister station. In the 1960s the FCC introduced a rule that prohibited owners of AM and FM stations from simulcasting in an attempt to increase variety of programming and generate FM listenership. The FM audience share at that time

212-490: A " progressive rock " album station, a forerunner to AOR , and a "beautiful" music station. Both approaches had some early success. The baby boomers gravitated to the better audio quality, fewer commercials and "hipness" of the free-form rock stations. Older FM listeners embraced the lush sounds and fewer commercials of beautiful music stations. Many offices and retail stores used the "beautiful" stations as free background music. The station operators also wanted to be able to run

318-465: A "chain". The Radio Corporation of America (RCA), General Electric , and Westinghouse organized a competing network around its own flagship station, RCA's WJZ (now WABC) in New York City, but were hampered by AT&T's refusal to lease connecting lines or allow them to sell airtime. In 1926 AT&T sold its radio operations to RCA, which used them to form the nucleus of the new NBC network. By

424-841: A 10 shilling receiver license fee. Both highbrow and mass-appeal programmes were carried by the National and Regional networks. The period from the early 1920s through the 1940s is often called the "Golden Age of Radio". During this period AM radio was the main source of home entertainment, until it was replaced by television. For the first time entertainment was provided from outside the home, replacing traditional forms of entertainment such as oral storytelling and music from family members. New forms were created, including radio plays , mystery serials, soap operas , quiz shows , variety hours , situation comedies and children's shows . Radio news, including remote reporting, allowed listeners to be vicariously present at notable events. Radio greatly eased

530-557: A central station to all parts of the United States", he was unable to overcome the inherent distance limitations of this technology. The earliest public radiotelegraph broadcasts were provided as government services, beginning with daily time signals inaugurated on January 1, 1905, by a number of U.S. Navy stations. In Europe, signals transmitted from a station located on the Eiffel Tower were received throughout much of Europe. In both

636-551: A concerted attempt to specify performance of AM receivers through the 1993 AMAX standard, a joint effort of the EIA and the NAB, with FCC backing... The FCC rapidly followed up on this with codification of the CQUAM AM stereo standard, also in 1993. At this point, the stage appeared to be set for rejuvenation of the AM band. Nevertheless, with the legacy of confusion and disappointment in the rollout of

742-617: A consortium, the British Broadcasting Company (BBC), established on 18 October 1922, which was given a monopoly on broadcasting. This enterprise was supported by a tax on radio sets sales, plus an annual license fee on receivers, collected by the Post Office. Initially the eight stations were allowed regional autonomy. In 1927, the original broadcasting organization was replaced by a government chartered British Broadcasting Corporation . an independent nonprofit supported solely by

848-552: A continuous-wave (CW) transmitter. Fessenden began his research on audio transmissions while doing developmental work for the United States Weather Service on Cobb Island, Maryland. Because he did not yet have a continuous-wave transmitter, initially he worked with an experimental "high-frequency spark" transmitter, taking advantage of the fact that the higher the spark rate, the closer a spark-gap transmission comes to producing continuous waves. He later reported that, in

954-568: A few " telephone newspaper " systems, most of which were established in Europe, beginning with the Paris Théâtrophone . With this in mind, most early radiotelephone development envisioned that the device would be more profitably developed as a "wireless telephone" for personal communication, or for providing links where regular telephone lines could not be run, rather than for the uncertain finances of broadcasting. The person generally credited as

1060-463: A few hundred ( Hz ), to increase its rotational speed and so generate currents of tens-of-thousands Hz, thus producing a steady continuous-wave transmission when connected to an aerial. The next step, adopted from standard wire-telephone practice, was to insert a simple carbon microphone into the transmission line, to modulate the carrier wave signal to produce AM audio transmissions. However, it would take many years of expensive development before even

1166-512: A home audio device prior to the introduction of the high-fidelity , long-playing record in the late 1940s. Listening habits changed in the 1960s due to the introduction of the revolutionary transistor radio (Regency TR-1, the first transistor radio released December 1954), which was made possible by the invention of the transistor in 1948. (The transistor was invented at Bell labs and released in June 1948.) Their compact size — small enough to fit in

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1272-469: A listening site at Plymouth, Massachusetts. An American Telephone Journal account of the December 21 alternator-transmitter demonstration included the statement that "It is admirably adapted to the transmission of news, music, etc. as, owing to the fact that no wires are needed, simultaneous transmission to many subscribers can be effected as easily as to a few", echoing the words of a handout distributed to

1378-479: A majority of early broadcasting stations operated on mediumwave frequencies, whose limited range generally restricted them to local audiences. One method for overcoming this limitation, as well as a method for sharing program costs, was to create radio networks , linking stations together with telephone lines to provide a nationwide audience. In the U.S., the American Telephone and Telegraph Company (AT&T)

1484-412: A national programming consultant and ultimately oversaw the creation and content of all format programming, was named president. Drake-Cheanult was relocated to Albuquerque in the summer of 1986 along with Dallas-based TM Programming, which had also been acquired by Wagontrain. TM Programming was renamed Programming Consultants after the acquisition. The plan of having the two once-solid companies occupy

1590-457: A national scale. The introduction of nationwide talk shows, most prominently Rush Limbaugh 's beginning in 1988, was sometimes credited with "saving" AM radio. However, these stations tended to attract older listeners who were of lesser interest to advertisers, and AM radio's audience share continued to erode. In 1961, the FCC adopted a single standard for FM stereo transmissions, which was widely credited with enhancing FM's popularity. Developing

1696-399: A policy allowing AM stations to simulcast over FM translator stations. Translators had previously been available only to FM broadcasters, in order to increase coverage in fringe areas. Their assignment for use by AM stations was intended to approximate the station's daytime coverage, which in cases where the stations reduced power at night, often resulted in expanded nighttime coverage. Although

1802-482: A prototype alternator-transmitter would be ready, and a few years beyond that for high-power versions to become available. Fessenden worked with General Electric 's (GE) Ernst F. W. Alexanderson , who in August 1906 delivered an improved model which operated at a transmitting frequency of approximately 50 kHz, although at low power. The alternator-transmitter achieved the goal of transmitting quality audio signals, but

1908-423: A result, AM radio tends to do best in areas where FM frequencies are in short supply, or in thinly populated or mountainous areas where FM coverage is poor. Great care must be taken to avoid mutual interference between stations operating on the same frequency. In general, an AM transmission needs to be about 20 times stronger than an interfering signal to avoid a reduction in quality, in contrast to FM signals, where

2014-452: A shirt pocket — and lower power requirements, compared to vacuum tubes, meant that for the first time radio receivers were readily portable. The transistor radio became the most widely used communication device in history, with billions manufactured by the 1970s. Radio became a ubiquitous "companion medium" which people could take with them anywhere they went. The demarcation between what is considered "experimental" and "organized" broadcasting

2120-427: A short-range "wireless telephone" demonstration, that included simultaneously broadcasting speech and music to seven locations throughout Murray, Kentucky. However, this was transmitted using induction rather than radio signals, and although Stubblefield predicted that his system would be perfected so that "it will be possible to communicate with hundreds of homes at the same time", and "a single message can be sent from

2226-461: A widespread audience — dates back to the founding period of radio development, even though the earliest radio transmissions, originally known as "Hertzian radiation" and "wireless telegraphy", used spark-gap transmitters that could only transmit the dots-and-dashes of Morse code . In October 1898 a London publication, The Electrician , noted that "there are rare cases where, as Dr. [Oliver] Lodge once expressed it, it might be advantageous to 'shout'

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2332-405: Is radio broadcasting using amplitude modulation (AM) transmissions. It was the first method developed for making audio radio transmissions, and is still used worldwide, primarily for medium wave (also known as "AM band") transmissions, but also on the longwave and shortwave radio bands. The earliest experimental AM transmissions began in the early 1900s. However, widespread AM broadcasting

2438-406: Is comparable to or better in audio quality than a standard analog broadcast". Despite the various actions, AM band audiences continued to contract, and the number of stations began to slowly decline. A 2009 FCC review reported that "The story of AM radio over the last 50 years has been a transition from being the dominant form of audio entertainment for all age groups to being almost non-existent to

2544-523: Is known in the investment community for his letters to investors. Since its formation in 1995, Oaktree has become the largest distressed-debt investor in the world. As reported in The Washington Post on June 26, 2011, Oaktree's 17 distressed-debt funds (which do not use leverage) have averaged annual gains of 19% after fees for the past 22 years. Oaktree's clientele includes 65 of the 100 largest U.S. pension plans, 40 state retirement plans in

2650-497: Is largely arbitrary. Listed below are some of the early AM radio broadcasts, which, due to their irregular schedules and limited purposes, can be classified as "experimental": People who weren't around in the Twenties when radio exploded can't know what it meant, this milestone for mankind. Suddenly, with radio, there was instant human communication. No longer were our homes isolated and lonely and silent. The world came into our homes for

2756-645: Is simpler than later transmission systems. An AM receiver detects amplitude variations in the radio waves at a particular frequency, then amplifies changes in the signal voltage to operate a loudspeaker or earphone . However, the simplicity of AM transmission also makes it vulnerable to "static" ( radio noise , radio frequency interference ) created by both natural atmospheric electrical activity such as lightning, and electrical and electronic equipment, including fluorescent lights, motors and vehicle ignition systems. In large urban centers, AM radio signals can be severely disrupted by metal structures and tall buildings. As

2862-556: The Electronic Industries Association (EIA) and the National Association of Broadcasters (NAB) with the intention of helping AM stations, especially ones with musical formats, become more competitive with FM broadcasters by promoting better quality receivers. However, the stereo AM and AMAX initiatives had little impact, and a 2015 review of these events concluded that Initially the consumer manufacturers made

2968-615: The Emergency Alert System (EAS). Some automakers have been eliminating AM radio from their electric vehicles (EVs) due to interference from the electric motors , but the lawmakers argue that this is a safety risk and that car owners should have access to AM radio regardless of the type of vehicle they drive. The proposed legislation would require all new vehicles to include AM radio at no additional charge, and it would also require automakers that have already eliminated AM radio to inform customers of alternatives. AM radio technology

3074-479: The Federal Emergency Management Agency (FEMA) expressed concerns that this would reduce the effectiveness of emergency communications. In May 2023, a bipartisan group of lawmakers in the United States introduced legislation making it illegal for automakers to eliminate AM radio from their cars. The lawmakers argue that AM radio is an important tool for public safety due to being a component of

3180-535: The NYSE . The company was previously listed on GSTrUE, a private over-the-counter exchange run by Goldman Sachs which officially ceased operations in 2012 after Oaktree, along with Apollo Global Management (in 2011), de-listed and moved to the NYSE. According to the company's 2015 published financial results, Oaktree raised $ 12 billion for Oaktree Opportunities Funds X and Xb ("Opps X and Xb"). In 2017, Eaton Vance launched

3286-551: The Securities And Exchange Commission ordered Oaktree to pay a fine, interest, and disgorge profits after the SEC ruled they had "sold securities short" before the five legal business days after a public offering pricing had gone public. Oaktree was required to put in place policies and procedures to prevent violations in the future. In 2008, the firm raised $ 11 billion for their distressed debt fund. In 2009, Oaktree

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3392-431: The electrolytic detector and thermionic diode ( Fleming valve ) were invented by Reginald Fessenden and John Ambrose Fleming , respectively. Most important, in 1904–1906 the crystal detector , the simplest and cheapest AM detector, was developed by G. W. Pickard . Homemade crystal radios spread rapidly during the next 15 years, providing ready audiences for the first radio broadcasts. One limitation of crystals sets

3498-430: The " capture effect " means that the dominant signal needs to only be about twice as strong as the interfering one. To allow room for more stations on the mediumwave broadcast band in the United States, in June 1989 the FCC adopted a National Radio Systems Committee (NRSC) standard that limited maximum transmitted audio bandwidth to 10.2 kHz, limiting occupied bandwidth to 20.4 kHz. The former audio limitation

3604-587: The 1930s, most of the major radio stations in the country were affiliated with networks owned by two companies, NBC and CBS . In 1934, a third national network, the Mutual Radio Network , was formed as a cooperative owned by its stations. A second country which quickly adopted network programming was the United Kingdom, and its national network quickly became a prototype for a state-managed monopoly of broadcasting. A rising interest in radio broadcasting by

3710-660: The 1940s two new broadcast media, FM radio and television , began to provide extensive competition with the established broadcasting services. The AM radio industry suffered a serious loss of audience and advertising revenue, and coped by developing new strategies. Network broadcasting gave way to format broadcasting: instead of broadcasting the same programs all over the country, stations individually adopted specialized formats which appealed to different audiences, such as regional and local news, sports, "talk" programs, and programs targeted at minorities. Instead of live music, most stations began playing less expensive recorded music. In

3816-757: The 1980s. On April 12, 2012, Oaktree Capital Group, LLC became listed on the NYSE under the ticker symbol OAK. On March 13, 2019, Canada's Brookfield Asset Management announced that it had agreed to buy 62% of Oaktree Capital Management for approximately $ 4.7 billion. The firm is based in Los Angeles, and has more than 1,200 employees in offices in 23 cities worldwide (Los Angeles; New York City ; London ; Hong Kong ; Stamford, Connecticut , Tokyo , Luxembourg , Paris , Frankfurt , Singapore , Seoul , Beijing ; Amsterdam ; Dubai ; Houston , Dallas , Dublin , Shanghai , Sydney , Mumbai , Madrid , Stockholm , Zurich ). The company's co-chairman, Howard Marks ,

3922-528: The AM radio industry in the United States developed technology for broadcasting in stereo . Other nations adopted AM stereo, most commonly choosing Motorola's C-QUAM, and in 1993 the United States also made the C-QUAM system its standard, after a period allowing four different standards to compete. The selection of a single standard improved acceptance of AM stereo , however overall there was limited adoption of AM stereo worldwide, and interest declined after 1990. With

4028-465: The AM station. During this time AM stations could target big audiences so stations could be categorized with broad definitions such as MOR , top 40 and country/western . So "counter-programming" the FM was simple. A broadcaster with a youth-targeted Top 40 AM station would likely target an older demographic on the sister FM, or vice versa if the AM was an older-targeted MOR station. Nearly every large market had

4134-521: The British public pressured the government to reintroduce the service, following its suspension in 1920. However, the government also wanted to avoid what it termed the "chaotic" U.S. experience of allowing large numbers of stations to operate with few restrictions. There were also concerns about broadcasting becoming dominated by the Marconi company. Arrangements were made for six large radio manufacturers to form

4240-591: The FM stations inexpensively. There wasn't the revenue from FM to support a "live" presentation with another staff of announcers. The result was the birth of automated equipment and the pre-recorded, syndicated format business. The automation systems usually consisted of 3 or 4 reel-to-reel tape decks, playing 10.5" or 14" reels containing the music, and several tape cartridge decks for commercials, weather, promos (promotional announcements), etc. The early systems were "pre-computer" and simply sequenced pre-selected events that were triggered by an inaudible tone. Depending on

4346-507: The Mastermixers . Theroux's landmark rockumentary debuted as a weekend marathon broadcast over more than 800 foreign and domestic stations and went on to win Billboard magazine 's "Top Special Program of The Year" award. It also sparked Theroux to write the book The Top Ten: 1956-Present , which reveals the sometimes funny, sometimes sad, sometimes outrageous but always insightful stories behind

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4452-506: The Oaktree Diversified Credit NextShares exchange-traded managed fund with Oaktree as subadvisor. In 2018, Oaktree filed a registration statement to launch a non-traded REIT. On March 13, 2019, Brookfield Asset Management announced that it had agreed to buy 62% of Oaktree Capital Management for about $ 4.7 billion, creating one of the world's largest alternative money managers. On September 30, 2019, completion of

4558-519: The Oaktree PPIP Fund, L.P. had a gross return of 28%. In 2009, Oaktree acquired a 20% stake in DoubleLine Capital , a Los Angeles-based investment firm specializing in mortgage-backed fixed income portfolios. The firm's relationship with Vanguard was expanded in 2011 when Oaktree was selected as one of four firms to manage Vanguard's Emerging Markets Select Stock Fund. In 2010, Oaktree

4664-507: The RKO FM stations. Music tapes were recorded at Gene Chenault's KYNO in Fresno, located on Barton Avenue. Under the name of Barton Industries in the late 60's, format syndication was born. The first format was Hitparade which aired on KHJ-FM in Los Angeles. In the early 70s with AM and FM stations in all market sizes coming under the FCC rule and following the large market model, Drake-Chenault entered

4770-411: The Twenties when radio exploded can't know what it meant, this milestone for mankind. Suddenly, with radio, there was instant human communication. No longer were our homes isolated and lonely and silent. The world came into our homes for the first time. Music came pouring in. Laughter came in. News came in. The world shrank, with radio. The idea of broadcasting — the unrestricted transmission of signals to

4876-472: The U.S., for example) subject to international agreements. Oaktree Capital Management Oaktree Capital Management, Inc. is an American global asset management firm specializing in alternative investment strategies. As of September 30, 2024, the company managed $ 205 billion for its clientele. The firm was co-founded in 1995 by a group that had formerly worked together at the TCW Group starting in

4982-662: The United States and France this led to a small market of receiver lines geared for jewelers who needed accurate time to set their clocks, including the Ondophone in France, and the De Forest RS-100 Jewelers Time Receiver in the United States The ability to pick up time signal broadcasts, in addition to Morse code weather reports and news summaries, also attracted the interest of amateur radio enthusiasts. It

5088-595: The United States, over 500 corporations and/or their pension funds, over 275 university, charitable and other endowments and foundations, and 16 sovereign wealth funds. According to The Wall Street Journal , Oaktree has "long been considered a stable repository for pension-fund and endowment money." The company's distressed-debt funds are often over-subscribed, and in 2010 Oaktree turned down potential investors due to self-imposed limits on fund size. Oaktree's current investment activities are divided across three asset classes: credit, equity, and real estate. Oaktree

5194-541: The acquisition of a majority stake by Brookfield Asset Management was announced. In November 2021, Oaktree closed its largest fund, Opportunities Fund XI LP, after collecting $ 15.9 billion. In March 2022, Oaktree acquired a majority stake in 17Capital, a private credit firm based in London. In February 2023, the company launched a private credit fund, Oaktree Lending Partners, which finances private equity takeovers. In June 2023, Robert O'Leary and Armen Panossian were named as

5300-523: The antenna wire. This meant that the full transmitter power flowed through the microphone, and even using water cooling, the power handling ability of the microphones severely limited the power of the transmissions. Ultimately only a small number of large and powerful Alexanderson alternators would be developed. However, they would be almost exclusively used for long-range radiotelegraph communication, and occasionally for radiotelephone experimentation, but were never used for general broadcasting. Almost all of

5406-474: The audience has continued to decline. In 1987, the elimination of the Fairness Doctrine requirement meant that talk shows, which were commonly carried by AM stations, could adopt a more focused presentation on controversial topics, without the distraction of having to provide airtime for any contrasting opinions. In addition, satellite distribution made it possible for programs to be economically carried on

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5512-503: The automation supplier and the quantity of tape decks, a system would cost $ 18,000-$ 30,000. The early syndication format suppliers included Bonneville, Schulke, Triangle, IGM, TM , Drake-Chenault and others. Drake-Chenault (D-C) entered the business only to record music on tape for the RKO FM stations. D-C was a consultant for the RKO chain on the AM side and the aforementioned FCC rule was impacting

5618-404: The characteristics of arc-transmitters . Fessenden attempted to sell this form of radiotelephone for point-to-point communication, but was unsuccessful. Fessenden's work with high-frequency spark transmissions was only a temporary measure. His ultimate plan for creating an audio-capable transmitter was to redesign an electrical alternator , which normally produced alternating current of at most

5724-403: The commission estimated that fewer than 250 AM stations were transmitting hybrid mode signals. On October 27, 2020, the FCC voted to allow AM stations to eliminate their analog transmissions and convert to all-digital operation, with the requirement that stations making the change had to continue to make programming available over "at least one free over-the-air digital programming stream that

5830-570: The company in 1977. By the late 70's, with a staff of regional managers, programming consultants, production engineers and administrative personnel the Drake Chenault format client list grew to over 300, with many of the consulted stations number one in their markets. The company was sold to Albuquerque-based Wagontrain Communications in March 1985. Senior VP Denny Adkins, who had joined D-C in 1976 as

5936-475: The continued migration of AM stations away from music to news, sports, and talk formats, receiver manufacturers saw little reason to adopt the more expensive stereo tuners, and thus radio stations have little incentive to upgrade to stereo transmission. In countries where the use of directional antennas is common, such as the United States, transmitter sites consisting of multiple towers often occupy large tracts of land that have significantly increased in value over

6042-437: The continuous wave AM transmissions made prior to 1915 were made by versions of the arc converter transmitter, which had been initially developed by Valdemar Poulsen in 1903. Arc transmitters worked by producing a pulsating electrical arc in an enclosed hydrogen atmosphere. They were much more compact than alternator transmitters, and could operate on somewhat higher transmitting frequencies. However, they suffered from some of

6148-434: The decades, to the point that the value of land exceeds that of the station itself. This sometimes results in the sale of the transmitter site, with the station relocating to a more distant shared site using significantly less power, or completely shutting down operations. The ongoing development of alternative transmission systems, including Digital Audio Broadcasting (DAB), satellite radio, and HD (digital) radio, continued

6254-567: The decline of the popularity of the traditional broadcast technologies. These new options, including the introduction of Internet streaming, particularly resulted in the reduction of shortwave transmissions, as international broadcasters found ways to reach their audiences more easily. In 2022 it was reported that AM radio was being removed from a number of electric vehicle (EV) models, including from cars manufactured by Tesla, Audi, Porsche, BMW and Volvo, reportedly due to automakers concerns that an EV's higher electromagnetic interference can disrupt

6360-569: The demonstration witnesses, which stated "[Radio] Telephony is admirably adapted for transmitting news, stock quotations, music, race reports, etc. simultaneously over a city, on account of the fact that no wires are needed and a single apparatus can distribute to ten thousand subscribers as easily as to a few. It is proposed to erect stations for this purpose in the large cities here and abroad." However, other than two holiday transmissions reportedly made shortly after these demonstrations, Fessenden does not appear to have conducted any radio broadcasts for

6466-600: The expectation is that listeners will primarily be tuning into the FM signal rather than the nominally "primary" AM station. A 2020 review noted that "for many owners, keeping their AM stations on the air now is pretty much just about retaining their FM translator footprint rather than keeping the AM on the air on its own merits". In 2018 the FCC, led by then-Commission Chairman Ajit Pai , proposed greatly reducing signal protection for 50 kW Class A " clear channel " stations. This would allow co-channel secondary stations to operate with higher powers, especially at night. However,

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6572-445: The fall of 1900, he successfully transmitted speech over a distance of about 1.6 kilometers (one mile), which appears to have been the first successful audio transmission using radio signals. However, at this time the sound was far too distorted to be commercially practical. For a time he continued working with more sophisticated high-frequency spark transmitters, including versions that used compressed air, which began to take on some of

6678-401: The first time. Music came pouring in. Laughter came in. News came in. The world shrank, with radio. Following World War I, the number of stations providing a regular broadcasting service greatly increased, primarily due to advances in vacuum-tube technology. In response to ongoing activities, government regulators eventually codified standards for which stations could make broadcasts intended for

6784-620: The general public, for example, in the United States formal recognition of a "broadcasting service" came with the establishment of regulations effective December 1, 1921, and Canadian authorities created a separate category of "radio-telephone broadcasting stations" in April 1922. However, there were numerous cases of entertainment broadcasts being presented on a regular schedule before their formal recognition by government regulators. Some early examples include: Because most longwave radio frequencies were used for international radiotelegraph communication,

6890-417: The general public, or to have even given additional thought about the potential of a regular broadcast service, and in a 1908 article providing a comprehensive review of the potential uses for his radiotelephone invention, he made no references to broadcasting. Because there was no way to amplify electrical currents at this time, modulation was usually accomplished by a carbon microphone inserted directly in

6996-541: The isolation of rural life. Political officials could now speak directly to millions of citizens. One of the first to take advantage of this was American president Franklin Roosevelt , who became famous for his fireside chats during the Great Depression . However, broadcasting also provided the means to use propaganda as a powerful government tool, and contributed to the rise of fascist and communist ideologies. In

7102-411: The lack of any way to amplify the signals meant they were somewhat weak. On December 21, 1906, Fessenden made an extensive demonstration of the new alternator-transmitter at Brant Rock, Massachusetts, showing its utility for point-to-point wireless telephony, including interconnecting his stations to the wire telephone network. As part of the demonstration, speech was transmitted 18 kilometers (11 miles) to

7208-419: The late 1960s and 1970s, top 40 rock and roll stations in the U.S. and Canada such as WABC and CHUM transmitted highly processed and extended audio to 11 kHz, successfully attracting huge audiences. For young people, listening to AM broadcasts and participating in their music surveys and contests was the social media of the time. In the late 1970s, spurred by the exodus of musical programming to FM stations,

7314-399: The marketplace decide" which was best. The lack of a common standard resulted in consumer confusion and increased the complexity and cost of producing AM stereo receivers. In 1993, the FCC again revised its policy, by selecting C-QUAM as the sole AM stereo implementation. In 1993, the FCC also endorsed, although it did not make mandatory, AMAX broadcasting standards that were developed by

7420-432: The message, spreading it broadcast to receivers in all directions". However, it was recognized that this would involve significant financial issues, as that same year The Electrician also commented "did not Prof. Lodge forget that no one wants to pay for shouting to the world on a system by which it would be impossible to prevent non-subscribers from benefiting gratuitously?" On January 1, 1902, Nathan Stubblefield gave

7526-448: The multiple incompatible AM stereo systems, and failure of the manufacturers (including the auto makers) to effectively promote AMAX radios, coupled with the ever-increasing background of noise in the band, the general public soon lost interest and moved on to other media. On June 8, 1988, an International Telecommunication Union (ITU)-sponsored conference held at Rio de Janeiro, Brazil adopted provisions, effective July 1, 1990, to extend

7632-537: The necessity of having to transmit a high power carrier wave to overcome ground losses, and the large antenna radiators required at the low broadcast frequencies, but can be sent over long distances via the ionosphere at night; however, they are much more susceptible to interference, and often have lower audio fidelity. Thus, AM broadcasters tend to specialize in spoken-word formats, such as talk radio , all-news radio and sports radio , with music formats primarily for FM and digital stations. People who weren't around in

7738-405: The new frequencies. It was now estimated that the expanded band could accommodate around 300 U.S. stations. However, it turned out that the number of possible station reassignments was much lower, with a 2006 accounting reporting that, out of 4,758 licensed U.S. AM stations, only 56 were now operating on the expanded band. Moreover, despite an initial requirement that by the end of five years either

7844-428: The new policy, by 2011 there were approximately 500 in operation, and as of 2020 approximately 2,800 of the 4,570 licensed AM stations were rebroadcasting on one or more FM translators. In 2009 the FCC stated that "We do not intend to allow these cross-service translators to be used as surrogates for FM stations". However, based on station slogans, especially in the case of recently adopted musical formats, in most cases

7950-694: The opening of new offices around the world. Its growth in strategies has largely focused on expanding into European and Asian markets. Between 1997 and 1999, Oaktree created three new strategies: Emerging Markets Absolute Return in 1997, European High Yield Bonds in 1999, and Power Opportunities in 1999. In 2001, Oaktree continued to introduce new "step-out" strategies, starting with Mezzanine Finance. Asia Principal Opportunities (2006) followed, along with European Principal Investments (2006), European Senior Loans (2006), U.S. Senior Loans and Value Opportunities (2007), Global High Yield Bonds (2010), Emerging Markets Equities (2011), and Real Estate Debt (2012). In 2005,

8056-411: The original station or its expanded band counterpart had to cease broadcasting, as of 2015 there were 25 cases where the original standard band station was still on the air, despite also operating as an expanded band station. HD Radio is a digital audio broadcasting method developed by iBiquity . In 2002 its "hybrid mode", which simultaneously transmits a standard analog signal as well as a digital one,

8162-433: The overheating issues of needing to insert microphones directly in the transmission antenna circuit. Vacuum tube transmitters also provided high-quality AM signals, and could operate on higher transmitting frequencies than alternator and arc transmitters. Non-governmental radio transmissions were prohibited in many countries during World War I, but AM radiotelephony technology advanced greatly due to wartime research, and after

8268-427: The pieces. In 1978, Drake-Chenault released and syndicated an all-new, 52-hour edition of the definitive rock documentary, The History of Rock & Roll , a concept originally created by Ron Jacobs and Bill Drake at KHJ in 1969. The new version was researched and written by Gary Theroux , who co-produced it with Drake, who supplied the narration. The rockumentary's most famous (and most heavily bootlegged) feature

8374-441: The primary early developer of AM technology is Canadian-born inventor Reginald Fessenden . The original spark-gap radio transmitters were impractical for transmitting audio, since they produced discontinuous pulses known as " damped waves ". Fessenden realized that what was needed was a new type of radio transmitter that produced steady "undamped" (better known as " continuous wave ") signals, which could then be "modulated" to reflect

8480-468: The radio syndication business in earnest, making taped formats available to non-RKO stations. Drake-Chenault syndication established a studio at 8399 Topanga Canyon Blvd. in Canoga Park, CA. Among the early format offerings were Classic Gold, created for KHJ-FM (which became KRTH), Solid Gold, Hitparade and Great American Country. The original 48-hour History of Rock and Roll , which had been created for KHJ,

8586-592: The reception of AM transmissions and hurt the listening experience, among other reasons. However the United States Congress has introduced a bill to require all vehicles sold in the US to have an AM receiver to receive emergency broadcasts. The FM broadcast band was established in 1941 in the United States, and at the time some suggested that the AM band would soon be eliminated. In 1948 wide-band FM's inventor, Edwin H. Armstrong , predicted that "The broadcasters will set up FM stations which will parallel, carry

8692-406: The same building and compete while sharing administration, production and other support departments to reduce expenses didn't work. While some attribute satellite radio programming as the reason for their demise, debt service smothered the companies and they were ultimately broken up, with BPI Programming and Jones Radio (later absorbed by Oaktree Capital Management 's Triton Media Group ) picking up

8798-799: The same deficiencies. The lack of any means to amplify electrical currents meant that, like the alternator transmitters, modulation was usually accomplished by a microphone inserted directly in the antenna wire, which again resulted in overheating issues, even with the use of water-cooled microphones. Thus, transmitter powers tended to be limited. The arc was also somewhat unstable, which reduced audio quality. Experimenters who used arc transmitters for their radiotelephone research included Ernst Ruhmer , Quirino Majorana , Charles "Doc" Herrold , and Lee de Forest . Advances in vacuum tube technology (called "valves" in British usage), especially after around 1915, revolutionized radio technology. Vacuum tube devices could be used to amplify electrical currents, which overcame

8904-400: The same program, as over their AM stations... eventually the day will come, of course, when we will no longer have to build receivers capable of receiving both types of transmission, and then the AM transmitters will disappear." However, FM stations actually struggled for many decades, and it was not until 1978 that FM listenership surpassed that of AM stations. Since then the AM band's share of

9010-410: The sounds being transmitted. Fessenden's basic approach was disclosed in U.S. Patent 706,737, which he applied for on May 29, 1901, and was issued the next year. It called for the use of a high-speed alternator (referred to as "an alternating-current dynamo") that generated "pure sine waves" and produced "a continuous train of radiant waves of substantially uniform strength", or, in modern terminology,

9116-445: The speakers with tears in her eyes. 'What's wrong?" he said. 'Oh my God,' she replied. 'I've just been listening to my life passing before my ears.' When the engineer told me that story, I knew instantly how we would end the special -- by editing all those #1 hit A montages together." The resulting 45-minute montage inspired a whole series of later medley hits by everyone from Elvis Presley to The Beatles, Stars on 45 to Jive Bunny &

9222-411: The technology for AM broadcasting in stereo was challenging due to the need to limit the transmissions to a 20 kHz bandwidth, while also making the transmissions backward compatible with existing non-stereo receivers. In 1990, the FCC authorized an AM stereo standard developed by Magnavox, but two years later revised its decision to instead approve four competing implementations, saying it would "let

9328-514: The ten biggest hit records of each year since 1956. Theroux, who owns the "History of Rock 'n' Roll" trademark, today hosts a 2 + 1 ⁄ 2 minute daily syndicated version of "The History of Rock 'n' Roll". Because the History was in pre-production when Elvis Presley died in August 1977, a completely new 3-hour Elvis special was able to be written, produced, duplicated, and shipped within 48 hours of Elvis' death to several hundred radio stations. It

9434-401: The translator stations are not permitted to originate programming when the "primary" AM station is broadcasting, they are permitted to do so during nighttime hours for AM stations licensed for daytime-only operation. Prior to the adoption of the new policy, as of March 18, 2009, the FCC had issued 215 Special Temporary Authority grants for FM translators relaying AM stations. After creation of

9540-492: The upper end of the Region 2 AM broadcast band, by adding ten frequencies which spanned from 1610 kHz to 1700 kHz. At this time it was suggested that as many as 500 U.S. stations could be assigned to the new frequencies. On April 12, 1990, the FCC voted to begin the process of populating the expanded band, with the main priority being the reduction of interference on the existing AM band, by transferring selected stations to

9646-548: The war the availability of tubes sparked a great increase in the number of amateur radio stations experimenting with AM transmission of news or music. Vacuum tubes remained the central technology of radio for 40 years, until transistors began to dominate in the late 1950s, and are still used in the highest power broadcast transmitters. Unlike telegraph and telephone systems, which used completely different types of equipment, most radio receivers were equally suitable for both radiotelegraph and radiotelephone reception. In 1903 and 1904

9752-404: The youngest demographic groups. Among persons aged 12–24, AM accounts for only 4% of listening, while FM accounts for 96%. Among persons aged 25–34, AM accounts for only 9% of listening, while FM accounts for 91%. The median age of listeners to the AM band is 57 years old, a full generation older than the median age of FM listeners." In 2009, the FCC made a major regulatory change, when it adopted

9858-565: Was 15 kHz resulting in bandwidth of 30 kHz. Another common limitation on AM fidelity is the result of receiver design, although some efforts have been made to improve this, notably through the AMAX standards adopted in the United States. AM broadcasts are used on several frequency bands. The allocation of these bands is governed by the ITU 's Radio Regulations and, on the national level, by each country's telecommunications administration (the FCC in

9964-474: Was approved by the FCC for use by AM stations, initially only during daytime hours, due to concerns that during the night its wider bandwidth would cause unacceptable interference to stations on adjacent frequencies. In 2007 nighttime operation was also authorized. The number of hybrid mode AM stations is not exactly known, because the FCC does not keep track of the stations employing the system, and some authorized stations have later turned it off. But as of 2020

10070-615: Was founded in 1995 by a group of principals who first joined at the TCW Group in the mid-1980s Within three months of its founding in 1995, "more than 30 TCW clients transferred $ 1.5 billion in assets to Oaktree." Oaktree has formed various sub-advisory relationships since 1995. In 1996, Oaktree was selected as the sub-advisor for the Vanguard Convertible Securities Fund . Since 1995, Oaktree has created what it refers to as "step-out" strategies, usually coincident with

10176-400: Was immediately recognized that, much like the telegraph had preceded the invention of the telephone, the ability to make audio radio transmissions would be a significant technical advance. Despite this knowledge, it still took two decades to perfect the technology needed to make quality audio transmissions. In addition, the telephone had rarely been used for distributing entertainment, outside of

10282-412: Was made available nationwide, and was followed by other syndicated "special" programs. James Kefford, who became the company's President, joined the firm in 1973 and teamed up with the automation suppliers to visit radio station owners and detail the benefits of using the automation system and the Drake Chenault programmers. Bill Drake and Gene Chenault tapped Kefford to spearhead the next growth phase for

10388-678: Was named one of three advisors to the Russell Global Opportunistic Credit Fund and was selected as a manager for the Credit Suisse (Lux) I Fund in 2011. Seeking investment opportunities created by the European sovereign-debt crisis , Oaktree started its European Principal Fund III in November 2011 with committed capital of some €3 billion. On April 12, 2012, Oaktree became a publicly traded partnership with shares listed on

10494-448: Was narrated by Bill Drake and slightly condensed to fit into "The History of Rock 'n' Roll". Drake-Chenault also produced the multi-part hour-long series "The Golden Years" and "The Golden Years of Country" as well as Mark Elliott 's "Weekly Top 30" (from 1979 to 1982) and its successor, Charlie Van Dyke 's "Weekly Music Magazine". Drake died on November 29, 2008. Chenault died on February 23, 2010. AM radio AM broadcasting

10600-703: Was not established until the 1920s, following the development of vacuum tube receivers and transmitters. AM radio remained the dominant method of broadcasting for the next 30 years, a period called the " Golden Age of Radio ", until television broadcasting became widespread in the 1950s and received much of the programming previously carried by radio. Later, AM radio's audiences declined greatly due to competition from FM ( frequency modulation ) radio, Digital Audio Broadcasting (DAB), satellite radio , HD (digital) radio , Internet radio , music streaming services , and podcasting . Compared to FM or digital transmissions , AM transmissions are more expensive to transmit due to

10706-475: Was selected by the U.S. Treasury , along with eight other managers ( BlackRock , Invesco, AllianceBernstein and others) to participate in the government's Public-Private Investment Program (PPIP). At the time of Oaktree's inclusion in the PPIP program, The New York Times reported: " Howard S. Marks is the sort of financier who Washington hopes will help fix the nation’s tumbledown banks." As of December 31, 2018,

10812-452: Was simply no time to play in full. "Our crew worked day and night on the production," recalled Theroux, "resulting in the girlfriend of one of our engineers complaining that she never got to see him. To explain what he'd been up to, the engineer made a copy of the A montage element tape reel, took it home and set it up to play for her while he went out and picked up a pizza. Upon his return, he found his girlfriend sitting cross-legged in front of

10918-573: Was the final hour, the brainchild of Theroux. His original format for the special consisted of a series of half-hour or hour-long themed segments, mostly spotlighting key hitmakers (Elvis Presley, The Beatles, etc.) or key trends (folk-rock, soul music, etc.) He also created a series of half-hours that spotlit individual years and key hits released within them. To supplement those, Theroux had built what he called A and B montages. The A montages consisted of every #1 hit of that year in chronological order. The B montages were made up of other memorable hits there

11024-468: Was the first organization to create a radio network, and also to promote commercial advertising, which it called "toll" broadcasting. Its flagship station, WEAF (now WFAN) in New York City, sold blocks of airtime to commercial sponsors that developed entertainment shows containing commercial messages . AT&T held a monopoly on quality telephone lines, and by 1924 had linked 12 stations in Eastern cities into

11130-406: Was the lack of amplifying the signals, so listeners had to use earphones , and it required the development of vacuum-tube receivers before loudspeakers could be used. The dynamic cone loudspeaker , invented in 1924, greatly improved audio frequency response over the previous horn speakers, allowing music to be reproduced with good fidelity. AM radio offered the highest sound quality available in

11236-415: Was very small. Since the AM and FM stations aired the same programming, there was little reason to listen to FM. The rule targeted major markets first and had a "roll-out" period of several years with a smaller percentage of simulcasting allowed each year and smaller markets coming under the rule. When station operators chose what format to air on the FM stations, one of the objectives was not to compete with

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