A loudspeaker is provided for receiving an electrical signal and transmitting an acoustic signal through a transmission medium. The system includes generally two elements: a coaxial transducer and an acoustic transformer. The coaxial transducer includes a high-frequency driver and a mid-frequency driver that are coaxially arranged. The acoustic transformer is acoustically coupled to the coaxial transducer and includes an initial horn section that expands from a first end to a second end in a direction away from the coaxial transducer. The initial horn section defines a plurality of openings therethrough, such that the initial horn section is acoustically opaque to high-frequency acoustic signals to thereby function as a waveguide for the high-frequency acoustic signals, while it is acoustically transparent to mid-frequency acoustic signals.