Monday, August 29, 2005
Sunday, August 28, 2005
AVID acquires PINNACLE
Avid Completes Acquisition of Pinnacle
Tewksbury , MA – August 9, 2005 – Avid Technology, Inc. (NASDAQ: AVID) today announced that it has completed its acquisition of Pinnacle Systems, Inc. (NASDAQ: PCLE). Avid will issue approximately 6.2 million shares of stock and pay approximately $71.3 million in cash to Pinnacle shareholders and option holders. As of today's market close, Pinnacle Systems shares have ceased trading and Pinnacle has been delisted from the Nasdaq market.
“The completion of this acquisition immediately strengthens Avid's ability to serve the industries that Make, Manage and Move Media,” said David Krall , Avid's president and chief executive officer. “Broadcasters who are transitioning from analog to all-digital production will now have immediate access to a wider selection of capabilities from Avid, and in the months ahead, they'll experience tighter interoperability between Pinnacle's broadcast products and Avid's end-to-end all-digital production environments. At the same time, we have formed a new Consumer division that will continue to leverage Pinnacle Systems' market-leading brand in the rapidly growing consumer video market. All told, with Pinnacle among the Avid family of companies, we've further cemented our position as a leading supplier of products and services to the world's digital media creators.”
Among the notable performers - Dhol Foundation (UK/India), drummer Bill Cobham (USA), singer Sheila Majid (Malaysia), reggae DJ Apache Indian, and our very own Wicked Aura Batucada.