<FONT face="Arial, Helvetica, sans-serif" size=2>According to the </FONT><A href="http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2004/11/20/BUGFV9UM7U1.DTL"><FONT face="Arial, Helvetica, sans-serif" size=2>San Francisco Chronicle</FONT></A><FONT size=2><FONT face="Arial, Helvetica, sans-serif">, </FONT><FONT face="Arial, Helvetica, sans-serif">Dolby Laboratories filed Friday to raise up to $460 million in an initial public stock offering. Dolby Labs said it has no specific plans for the cash, but the filing comes as the 39-year-old company looks to invest in new markets, which will require the company to "spend considerable resources on research and development," the filing said. Dolby makes 73 percent of its revenue from consumer electronics royalties, according to the filing, but there may not be much growth in that area in the future, now that the DVD market has matured. DTS went public in July, raising $65 million, and the smaller firm is now valued at $320 million. </FONT></FONT>
<P><FONT face="Arial, Helvetica, sans-serif" size=2>Ray Dolby still owns 98 percent of the company, and even after the IPO, "Dolby or his affiliates will be able to control the selection of all members of our board of directors, as well as virtually every other matter that requires stockholder approval," the filing stated.</FONT>
<P><FONT face="Arial, Helvetica, sans-serif" size=2>[</FONT><A href="http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2004/11/20/BUGFV9UM7U1.DTL"><FONT face="Arial, Helvetica, sans-serif" size=2>Read More</FONT></A><FONT face="Arial, Helvetica, sans-serif" size=2>]</FONT></P>
