Avid spins off M-Audio and Consumer video apps

[Jos Svendsen]

A Quote from the press release:

Avid has agreed to sell its consumer audio and video product lines. The company’s consumer audio products are being sold to inMusic, the parent company of Akai Professional, Alesis and Numark, among others. Headquartered in Cumberland, Rhode Island, inMusic's brands are best known for producing innovative products for music production, performance and DJing. The products involved in this transaction include M-Audio brand keyboards, controllers, interfaces, speakers and digital DJ equipment and other product lines. Avid will continue to develop and sell its industry-leading Pro Tools® line of software and hardware, as well as associated I/O devices including Mbox and Fast Track.

Separately, the company’s consumer video editing line is being sold to Corel Corporation, a consumer software company headquartered in Ottawa, Canada. The products involved in this transaction include Avid Studio, Pinnacle Studio, and the Avid Studio App for the Apple iPad®, as well as other legacy video capture products.

The divested product lines contributed approximately $91 million of Avid’s 2011 revenue of $677 million. As part of the transactions, certain employees of Avid will transfer to each acquiring company. Avid estimates that the proceeds from these transactions will be approximately $17 million, subject to closing inventory adjustment, with a portion held in escrow. Both transactions are expected to close today, July 2, 2012.

[Bill Koehler]

Press Release Here:

Avid |News Room

Buy Pinnacle, loose Pinnacle. Grow, contract. Maybe AVID Liquid Chrome will come back. It'll be like a liminal character in a JAWS movie. The space in between...

[David Stoneburner]

I was a Liquid user till they killed it. I had to make a jump and decided to go with Vegas. I've never been a fan of the Avid interface.

[Thomas Smet]

Poor Liquid code base just cannot find a home. I was also a big Liquid user for many years. At the time I knew Avid buying Pinnacle was a bad move. Oh well I moved on a long time ago.

[Galen Rath]

Pinnacle Liquid had valuable features some other programs incorporated only much later, and some still haven't incorporated. It's death was unwarranted, and is another example of what's wrong with business in this country.