New investment fund launches for public radio

Public Radio Capital and two partner institutions announced today the creation of the Public Radio Fund, a first-ever investment fund to support station acquisition. The Calvert Foundation has contributed $3 million and the Ford Foundation $1.5 million to start the fund, which PRC hopes will expand to $15 million within a year. Audio of today's press conference (Windows Media) is expected to be available by 6 p.m. Eastern time.