It is a well-known phenomenon that the presently-authorized system for FM stereophonic radio broadcasting imposes a significant degradation of the received signal-to-noise ratio when such broadcasts are compared with simple monophonic transmission. As a consequence, station coverage area is reduced both for monophonic and biphonic reception. However, recent studies have demonstrated that this degradation can be eliminated by the use of audio companders, and this paper analyzes the potential realizable improvements. It also shows how such companding may be implemented in the broadcast signal without compromising existing service.
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https://aes2.org/publications/elibrary-page/?id=11635
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