08.17.2005 03:34 PM
Avid completes purchase of Pinnacle
Avid has completed its acquisition of Pinnacle Systems. Avid will issue approximately 6.2 million shares of stock and pay approximately $71.3 million in cash to Pinnacle shareholders and option holders.
David Krall, Avid's president and chief executive officer said that the integration process of Pinnacle's broadcast offerings — including Deko graphics and the Mediastream server — is already underway. The products will be integrated into the Avid Video division, which will remain headquartered in Tewksbury, MA. Avid will also continue to develop the Pinnacle Liquid family, leveraging it across products and markets served by both the Avid Video and Consumer divisions.
Krall also announced that a new consumer division would handle Pinnacle’s consumer products. That division will retain the Pinnacle Systems name and be headquartered in Mountain View, CA. It will house Pinnacle's consumer products, including Pinnacle Studio 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.
For more information, visit www.avid.com.
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