TEWKSBURY, MA, Oct 27, 2008 (MARKET WIRE via COMTEX News Network) -- Avid Technology, Inc. (NASDAQ: AVID) today announced that it has
signed a definitive agreement to sell its Pinnacle PCTV(TM) product
line and related assets to Hauppauge Digital, Inc. (NASDAQ: HAUP).
The deal is expected to close before the end of 2008; financial terms
were not disclosed.
"Millions of media enthusiasts worldwide use our award-winning line
of Pinnacle consumer products to create and share digital content,"
said Gary Greenfield, CEO and chairman of Avid Technology. "As we
transform Avid's business, our strategy in this sector is to increase
our focus on software applications that not only meet consumer demand
-- but also complement our broader portfolio of video and audio
solutions. PCTV is a compelling standalone hardware product and a
better fit for Hauppauge, a recognized leader in the TV-viewing
Avid and Hauppauge will work closely together prior to the 2008
Holiday season to ensure a smooth transition of the Pinnacle PCTV
product line for distribution partners and consumers. Following the
closing of transaction, Hauppauge expects to continue developing and
supporting both the hardware and software components of the PCTV
About Avid Technology, Inc.
Avid is a worldwide leader in tools for film, video, audio, 3D
animation, gaming and broadcast professionals -- as well as for home
audio and video enthusiasts. Avid professional and consumer brands
include Avid, Digidesign(R), M-Audio(R), Pinnacle Systems(R),
Sibelius(R), Softimage(R) and Sundance Digital(R). The vast majority
of primetime television shows, feature films, commercials and
chart-topping music hits are made using one or more Avid products.
Whether used by seasoned professionals or beginning students, Avid's
products and services enable customers to work more efficiently,
productively and creatively. Avid received an Oscar(R) statuette
representing the 1998 Scientific and Technical Award for the concept,
design, and engineering of the Avid Film Composer(R) system for
motion picture editing. For more information about the company's
Oscar, Grammy(R) and Emmy(R) award-winning products and services,
visit www.avid.com, del.icio.us, Flickr, technorati and twitter;
connect with Avid on Facebook or subscribe to Avid Industry Buzz.
Copyright 2008 Avid Technology, Inc. All rights reserved. Product
features, specifications, system requirements and availability are
subject to change without notice. Avid, Digidesign, Film Composer,
M-Audio, Pinnacle PCTV, Pinnacle Systems, Sibelius, Softimage, and
Sundance Digital are either registered trademarks or trademarks of
Avid Technology, Inc. or its subsidiaries in the United States and/or
other countries. Emmy is a registered trademark of ATAS/NATAS. Oscar
is a trademark and service mark of the Academy of Motion Picture Arts
and Sciences. Grammy is a trademark of the National Academy of
Recording Arts and Sciences, Inc. All other trademarks contained
herein are the property of their respective owners.
SOURCE: Avid Technology, Inc.