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Avid to acquire Pinnacle for $462 million
updated 08:25 am EST, Mon March 21, 2005
Avid to acquire Pinnacle
in a cash and stock transactiond deal valued at $462 million or a 30% premium over Pinnacle's closing stock price of $4.97. Avid said that Pinnacle's professional products will enhance its end-to-end broadcast production pipeline and that the company's consumer video business will form the basis for a new consumer video division. "We see this acquisition as the next logical step in our long-term strategy. Just as our acquisition of M-Audio in 2004 brought us into the consumer audio business, 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."
Truevision and RasterOps
03/21, 08:50am reply
RasterOps bought Truevision, Pinnacle bought RasterOps, and now Avid buys Pinnacle... Next, it's time for Apple to buy Avid..
All that's left of Truevision is the legacy of the .tga file format. Too bad, they were a cool company at the time, and the first to offer full color display cards to the masses.
presearch
Fresh-Faced Recruit
Joined: Aug 2001
damn...
03/21, 09:35am reply
Didn't Pinnacle buy Steinberg a year (or 2?) ago? And something else...what on earth happened to the brilliant John Knoll app Commotion ??? My guess is that if they'll survive, at all that is, Avid's going to make them Win-only. A shame.
tamura
Fresh-Faced Recruit
Joined: Oct 2004
CineWave HD?
03/21, 10:02am reply
I wonder what this means for the CineWave HD card for FCP. Surely AVID isn't gonna keep that thing around...
Lordx_
Forum Regular
Joined: May 2002
History
03/21, 11:11am reply
Actually the hardware for Avids Mediacomposers until '99 was a modified version of the Truevision Targa 2000 board, and the low-cost (in Avid land) MCXpress 1.5 for Windows was supplied with the 2000 RTX, so they must have been in close contact until Pinnacle bought them.
Current hardware, the Meridien board and the DNA firewire boxed are Avid in-house developments.
a holck
Senior User
Joined: Jul 2001
re: damn...
03/21, 07:33pm reply
"My guess is that if they'll survive, at all that is, Avid's going to make them Win-only. A shame."
I don't see why. Lots of Avid-owned products are available for Mac.
dennis
Fresh-Faced Recruit
Joined: Aug 2001
blink!
03/21, 08:47pm reply
Pinnacle sold Steinberg to Yamaha last month. Suddenly, it all makes sense: Avid (that owns ProTools) wasn't going to buy Cubase and Nuendo...
tigas
Forum Regular
Joined: Jan 2004
nope
03/22, 08:38am reply
actually Avid put a bid to buy Steinberg from Pinnacle. Pinnacle said they'd sell for about 30% more than Avid was offering and Avid decided not to buy. Then Yamaha came into the picture. Pinnacle has been trying to offload Steinberg for about 6 months. Now with Avid buying Pinnacle, and just after buying M-Audio, Avid has a greater presence in the lower market. The thing is Pinnacle created the RT engine for FCP (which is why Cinewave is the only hardware RT system for FCP.) I wonder what the agreement was between Apple and Pinnacle at the time.
bauhaus
Fresh-Faced Recruit
Joined: Sep 2003