Pinnacle Systems (NASDAQ:PCLE)
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From Jun 2019 to Jun 2024
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."
With the integration process underway, Pinnacle's broadcast
offerings - including the Deko(R) on-air graphics system and the
MediaStream(TM) playout server - will be integrated into the Avid
Video division, which will remain headquartered in Tewksbury,
Massachusetts. Avid will also continue to develop the Pinnacle
Liquid(TM) family, leveraging it across products and markets served by
both the Avid Video and Consumer divisions.
The new Consumer division, which will retain the Pinnacle Systems
name and be headquartered in Mountain View, California, will house
Pinnacle's consumer products, including Pinnacle Studio(TM) and other
TV viewing products. Jeff Hastings, former chief operating officer of
M-Audio, which Avid acquired in August of 2004, will assume the
position of vice president and general manager of the new Pinnacle
Systems division. Prior to his time at M-Audio, Hastings held a range
of executive positions at consumer technology companies, including Rio
Audio, where he served as president, as well as Sonic Blue and
ReplayTV.
About Avid Technology, Inc.
Avid Technology, Inc. is a world leader in digital nonlinear media
creation, management, and distribution solutions, enabling film,
video, audio, animation, games, and broadcast professionals to work
more efficiently, productively, and creatively. For more information
about the company's Oscar(R), Grammy(R), and Emmy(R) award-winning
products and services, please visit: www.avid.com.
Forward-looking Statements
Some statements in this press release may be "forward-looking
statements" for the purposes of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are subject to
risks and uncertainties that may cause actual results to differ
materially from those indicated in the forward-looking statements,
including but not limited to: (i) the challenges and costs of
assimilating the operations and personnel of Pinnacle; (ii) the
ability to attract and retain highly qualified employees; (iii)
competitive factors, including pricing pressures; (iv) reaction of
customers of Pinnacle and Avid and related risks of maintaining
pre-existing relationships of Pinnacle; (v) fluctuating currency
exchange rates; (vi) adverse changes in general economic or market
conditions, particularly in the content-creation industry; and (vii)
other one-time events and other important factors disclosed previously
and from time to time in Avid's and Pinnacle's filings with the SEC
and more specifically set forth in the Joint Proxy
Statement/Prospectus filed with the SEC. Avid disclaims any obligation
to update any forward-looking statements after the date of this press
release.
(C) 2005 Avid Technology, Inc. All rights reserved. Avid,
Digidesign, Film Composer, M-Audio, Make, Manage and Move Media and
Pro Tools are either registered trademarks or trademarks of Avid
Technology, Inc. in the United States and/or other countries. Deko,
MediaStream, Pinnacle Liquid and Pinnacle Studio are either registered
trademarks or trademarks of Pinnacle Systems, Inc. in the United
States and/or other countries. Avid received an Oscar statuette
representing the 1998 Scientific and Technical Award for the concept,
design, and engineering of the Avid(R) Film Composer(R) system for
motion picture editing. Digidesign, Avid's audio division, received an
Oscar statuette representing the 2003 Scientific and Technical Award
for the design, development, and implementation of its Pro Tools(R)
digital audio workstation. Oscar is a trademark and service mark of
the Academy of Motion Picture Arts and Sciences. Emmy is a registered
trademark of ATAS/NATAS. 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.