Saturday, August 23, 2014
Search
  
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
G.Skill Ripjaws DDR4 Will Be Available Up to DDR4-3200
Could Amazon Challenge Google's Ad Business?
German Regulator Will Pursue Complaint Against Publishers
IBM Tries To Strengthen Its Presence In China With Local Vendor Deal
Demand For iPhone 6 Screens Add Perssure To Supply Chain
Intel Highlights Its Wireless Computing Plans
Ouya Parners With Xiaomi On Games
Sony Offers New Smart Tennis Sensor
Active Discussions
help questions structure DVDR
Made video, won't play back easily
Questions durability monitor LCD
Questions fungus CD/DVD Media, Some expert engineer in optical media can help me?
CD, DVD and Blu-ray burning for Android in development
IBM supercharges Power servers with graphics chips
Werner Vogels: four cloud computing trends for 2014
Video editing software.
 Home > News > General Computing > Avid Se...
Last 7 Days News : SU MO TU WE TH FR SA All News

Tuesday, July 03, 2012
Avid Selling Its Audio and video Lines


Avid has agreed to sell its consumer audio and video product lines to inMusic as well as its video editing line to Corel, as part of the company's effort to streamilne its operations and improve its profits.

Avid has initiated a series of strategic actions to focus the company on its Media Enterprise and Post & Professional customers and to drive improved operating performance. As part of these actions, the company is divesting its consumer businesses.

Avid has agreed to sell its consumer audio and video product lines. The company's consumer audio products are being sold to inMusic, the parent company of Akai Professional, Alesis and Numark, among others. Headquartered in Cumberland, Rhode Island, inMusic's brands are best known for producing products for music production, performance and DJing. The products involved in this transaction include M-Audio brand keyboards, controllers, interfaces, speakers and digital DJ equipment and other product lines. Avid will continue to develop and sell its Pro Tools line of software and hardware, as well as associated I/O devices including Mbox and Fast Track.

Separately, Avin's consumer video editing line is being sold to Corel. The products involved in this transaction include Avid Studio, Pinnacle Studio, and the Avid Studio App for the Apple iPad, as well as other legacy video capture products.

The divested product lines contributed approximately $91 million of Avid?s 2011 revenue of $677 million. As part of the transactions, certain employees of Avid will transfer to each acquiring company. Avid estimates that the proceeds from these transactions will be approximately $17 million, subject to closing inventory adjustment, with a portion held in escrow. Both transactions are expected to close today, July 2, 2012.

Avid also plans to lay off approximately 20% of its permanent employee base.

"The changes we are announcing today make Avid a more focused and agile company," said Gary Greenfield, CEO of Avid. "By streamlining and simplifying operations, we expect to deliver improved financial performance and partner more closely with our enterprise and professional customers. Our objective remains to provide these customers with the innovative solutions that allow them to create the most listened to, most watched and most loved media in the world. I?m excited about our future prospects."


Previous
Next
Sony Buys Cloud Gaiming Company Gaikai        All News        Judge Rejects Samsung's Request To Lift Ban Of Galaxy Tab in The U.S.
Microsoft Offers Windows 8 Pro Upgrade For $39.99     General Computing News      Judge Rejects Samsung's Request To Lift Ban Of Galaxy Tab in The U.S.

Get RSS feed Easy Print E-Mail this Message

Related News
Avid Technology Announces Sale of PCTV Product Line to Hauppauge Digital
New Avid Studio Toolkit Delivers Blu-ray Authoring Tools
Avid to Deliver Native VC-1 Support
Pinnacle Unveils Next Generation of Studio Software
Avid to buy Pinnacle Systems

Most Popular News
 
Home | News | All News | Reviews | Articles | Guides | Download | Expert Area | Forum | Site Info
Site best viewed at 1024x768+ - CDRINFO.COM 1998-2014 - All rights reserved -
Privacy policy - Contact Us .