Tewksbury, Mass., 10/27/2008 – Avid Technology, Inc. (NASDAQ: AVID) today announced that it has signed a definitive agreement to sell its Pinnacle PCTV product line and related assets to Hauppauge Digital, Inc. (NASDAQ: HAUP). The deal is expected to close before the end of 2008; financial terms were not disclosed.
"Millions of media enthusiasts worldwide use our award-winning line of Pinnacle consumer products to create and share digital content," said Gary Greenfield, CEO and chairman of Avid Technology. "As we transform Avid's business, our strategy in this sector is to increase our focus on software applications that not only meet consumer demand — but also complement our broader portfolio of video and audio solutions. PCTV is a compelling standalone hardware product and a better fit for Hauppauge, a recognized leader in the TV-viewing hardware market."
Avid and Hauppauge will work closely together prior to the 2008 Holiday season to ensure a smooth transition of the Pinnacle PCTV product line for distribution partners and consumers. Following the closing of transaction, Hauppauge expects to continue developing and supporting both the hardware and software components of the PCTV line.
About Pinnacle Systems, Inc.
Pinnacle Systems, Inc., a part of Avid Technology, Inc., is an industry leader in providing a complete set of home video editing and TV viewing tools for the consumer market. The company's product lines including Pinnacle PCTV™, Dazzle®, Pinnacle ShowCenter®, and its flagship Pinnacle Studio™ line, cover the needs and requirements of any level of video storytellers or consumers who simply want to enjoy TV from their computer. Pinnacle Systems has received nine prestigious Emmy® Awards for its technical innovations and carries the commitment to help consumers enhance, preserve and share their memories with ease. For more information, visit www.pinnaclesys.com.
About Avid Technology, Inc.
Avid is a worldwide leader in tools for film, video, audio, 3D animation, gaming and broadcast professionals — as well as for home audio and video enthusiasts. Avid professional and consumer brands include Avid®, Digidesign®, M-Audio®, Pinnacle Systems, Sibelius®, Softimage® and Sundance Digital®. The vast majority of primetime television shows, feature films, commercials and chart-topping music hits are made using one or more Avid products. Whether used by seasoned professionals or beginning students, Avid's products and services enable customers to work more efficiently, productively and creatively. Avid received an Oscar® statuette representing the 1998 Scientific and Technical Award for the concept, design, and engineering of the Avid® Film Composer® system for motion picture editing. For more information about the company's Oscar, Grammy® and Emmy award-winning products and services, visit www.avid.com.
© 2008 Avid Technology, Inc. All rights reserved. Product features, specifications, system requirements, and availability are subject to change without notice. Promotions and discounts are subject to availability and change without notice. All prices are MSRP for U.S. only and are subject to change without notice. Contact your local reseller for prices outside the U.S. Avid, Digidesign, Film Composer, M-Audio, Pinnacle Systems, Sibelius, Softimage, Sundance Digital, the Pinnacle Pinwheel logo, Pinnacle PCTV, Dazzle, Pinnacle ShowCenter, MovieBox, Pinnacle Studio and VideoSpin are trademarks or registered trademarks of Avid Technology, Inc. or its affiliates in the United States and/or other countries. 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.