Pinnacle acquires Avid Sports
Source: Pinnacle Systems
Pinnacle Systems (Mountain View, CA) has purchased Avid Sports (Lowell, MA), a division of Avid Technology, for $24 million in a stock-only deal.
Pinnacle will issue 950,000 shares of its stock in exchange for all outstanding shares of Avid Sports, an amount that equals less than 2% of Pinnacle Systems' current outstanding shares.
Avid Sports, a provider of sports editing and online sports media management systems, was spun off from Avid Technology four years ago. Pinnacle plans to integrate and market Avid Sports with its Totally NetWorked News and Omega Sports systems, covering media management, editing and streaming systems for broadcasters and sports organizations.
Edited by Tom Butts
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