Chicago Public Radio's big experiment

Chicago's Time Out previews the new FM service in development at Chicago Public Radio, which will aim to appeal to a younger, more diverse audience. (Hence the accompanying photo of three of the station's creators looking more like indie rockers than radio dudes?) The service now has a website.

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.

Abby Caddabby, the female equivalent of Elmo?

Producers and marketing execs at Sesame Workshop hope that Abby Cadabby, the "girly-girl" Sesame Street character to be introduced to tot viewers next Monday, will bring a feminine balance to the male-dominated Muppet cast and possibly become the "female equivalent of Elmo, a huge money-maker for the nonprofit organization behind the show," reports the New York Times.