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 July 31st

Fri,5:00 PM
The Reason Why No Company Can Duplicate Apple’s iPhone Appeal
3:40 PM
Wondershare PDFelement for Mac and OCR Plug-In: $39.99
1:49 PM
TMO Daily Observations 2015-07-31: New Apple TV Rumors, Google Defies France
10:42 AM
Google Stands Up to France, Refuses Global “Right to be Forgotten” Order
8:56 AM
iPhone 6 and 6 Plus: Turning Off Reachability
Thu,6:43 PM
New Apple TV Hardware Reportedly Coming in September
5:10 PM
Middle Earth: Shadow of Mordor Released for Mac and Linux
4:51 PM
Safari Offers Longer Battery Life than Chrome or Firefox
3:10 PM
How to Use Siri on Apple Watch to Create Immediate Countdown Timer
2:39 PM
Drive Genius 4 for Macs: $49.99
1:40 PM
Cusby: A Modular & Expandable USB-C Dock for MacBook
1:10 PM
TMO Daily Observations 2015-07-30: iPad Stylus-palooza, New Apple Campus Cafe
  • __________
  • Buy Stuff, Support TMO!
  • Podcast: Mac Geek Gab
  • Podcast: Apple Weekly Report
  • TMO on Twitter!