Rustic Rebel has it.

Though the story is a little bit apocryphal, apparently somebody who knew somebody else insisted that the CD audio technology should be able to hold the entire Beeethove's 9th on it. A runtime of 74 minutes was needed. Standardized decision was made that CD digital audio be at the rate of 44,100 Hz and be 16 bit. (works out to 44,100 16bit "samples" per second). This meant that, for the media to hold the information, the CD would have to be 12 cm in diameter, with 99 tracks.

Of course, later CD technology came out that pushed the limit past the 74 min. ceiling. Then cometh forth the DVD....