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After nearly 40 years of work as Hollywood’s biggest name in sound technology, Dolby Laboratories is going public, filing for an IPO on Friday of up to $460 million.

IPO will leave founder Ray Dolby, who currently owns 98% of his namesake company, with majority control. As part of the IPO, Ray Dolby will transfer to the company all of the patents he currently holds and for which Dolby currently pays him royalties. Founder received $36.9 million in the last fiscal year in royalties.

Company didn’t specify when the IPO will take place, how many shares would be offered or what its final valuation will be. It also didn’t indicate how it plans to use the funds beyond “general corporate purposes” and possibly to make acquisitions of complementary companies or technologies.

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