The Mac Observer

Skip navigational links

You're viewing an article in TMO's historic archive vault. Here, we've preserved the comments and how the site looked along with the article. Use this link to view the article on our current site:
Avid to Acquire Pinnacle Systems

Avid to Acquire Pinnacle Systems

by , 7:30 AM EST, March 21st, 2005

Digital editing equipment maker Avid Technology Inc. announced Monday it has agreed to purchase video editing firm Pinnacle Systems Inc. in a deal valued at US$462 million in cash and stock transfer.

Under terms of the agreement, Pinnacle shareholders will receive .0869 shares of Avid stock and $1 in cash for each Pinnacle share held. At closing, it is expected that Avid will issue about 6.2 million shares and pay $71.3 million in cash. Pinnacle's shareholders will own about 15% of the combined company after completion. Both companies' shareholders must approve the transaction.

"By acquiring Pinnacle's consumer video business, Avid will be able to tap into the next generation of video editors while they are still learning their craft," said Avid president and CEO David Krall in a prepared statement. "This creates a very large potential customer base for Avid's future. At the same time, we believe that Pinnacle's professional broadcast offerings will fit seamlessly with Avid's business, extending our end-to-end broadcast solutions with servers and on-air graphics products."

Recent Headlines - Updated April 18th

Fri, 8:40 AM
iTunes Radio: Create a Station from a Song or Artist
Thu, 7:56 PM
Apple’s First WSJ Mention: Just Three Words in 1978
6:28 PM
How To Bend iTunes Radio Stations To Your Will With Tuning Options
5:51 PM
RadioShack Planning iPhone 5s Discount this Friday
4:50 PM
Honda’s ASIMO Personal Robot is Scary Good in its Movements
4:42 PM
HTML 5 Crash Course for Beginners - $29
3:55 PM
Jeff Carlson’s Handy Tutorial on Using the iPad as a Photography Aid
2:00 PM
Heartbleed Update: OpenVPN isn’t Safe, Either
12:50 PM
‘iPad and iPhone Kung Fu’ Book is Loaded with iOS 7 Tips and Hints
9:55 AM
Apple’s iOS 8 to Reportedly Include Shazam Music Recognition
9:28 AM
Sponsor: Merlin from Project Wizards
8:48 AM
New Cars for Anki Drive Hit the Track
  • __________
  • Buy Stuff, Support TMO!
  • Podcast: Mac Geek Gab
  • Podcast: Apple Weekly Report
  • TMO on Twitter!