Resolution of the Board of Directors of the Corporation for Public Broadcasting
July 18, 1994
U.S. Public Radio Channel Investment
Unanimously
WHEREAS,
The Board of Directors has received a recommendation from Management for an allocation from the Mission and Goals Fund to invest in the U.S. Public Radio Channel developed by National Public Radio (NPR) and Public Radio International (PRI); and
WHEREAS,
Public broadcasting is in a period of diminishing support for increasingly expensive U.S. public radio program production; and
WHEREAS,
The U.S. Public Radio Channel will deliver a broad range of public radio programs to Europe and create a revenue stream to offset domestic production costs.
NOW, THEREFORE, BE IT RESOLVED,
That the Board approves an allocation of up to $750,000 from the Mission and Goals Fund over three years to partially fund the operation of this service. CPB will become an equity partner in the U.S. Public Radio Channel through this investment and will be repaid at twice the rate of other equity investors, as outlined in Management's memorandum of July 1, 1994.