Pinnacle Systems buys Steinberg Media Technologies stock

January 7, 2003

Pinnacle Systems will soon own 100 percent of Steinberg Media Technologies stock.

In addition to the stock, Pinnacle Systems will acquire all products, software, intellectual property rights and all other Steinberg assets and liabilities.

Steinberg is a digital audio software solutions company based in Hamburg, Germany.

Pinnacle has agreed to pay approximately $24 million: $8.2 million in cash and $15.8 million of Pinnacle Systems common stock

The deal is expected to close in January 2003.

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