Avid has sold off it's consumer video and audio businesses and cut it's workforce by 20% and the CEO is stepping down.
The consumer video products being sold includes Avid Studio, Avid Studio App for the iPad and Pinnacle Studio. Avid paid $462 million for Pinnacle in 2005 and the combined sale price of both the video and audio business today is $17 million. Did I mention the CEO is stepping down?
Avid reported a net loss of $23.5 million in 2011 and a $13 million loss for Q1 2012. Avid hopes the restructuring will save the company $80 million a year.
Avid says it will continue to support Pro Tools and will focus on Media Enterprise and Post & Professional products.
http://www.tvtechnology.com/article/avid-sells-consumer-a/v-and-cuts--jobs/214174
And here's some interesting ideas for Avid: http://news.doddleme.com/blogs/post-production/five-ways-avid-could-stay-alive/?utm_source=Daily+News+Template+version+7%2F5%2F12&utm_campaign=7%2F0512+us&utm_medium=email
The consumer video products being sold includes Avid Studio, Avid Studio App for the iPad and Pinnacle Studio. Avid paid $462 million for Pinnacle in 2005 and the combined sale price of both the video and audio business today is $17 million. Did I mention the CEO is stepping down?
Avid reported a net loss of $23.5 million in 2011 and a $13 million loss for Q1 2012. Avid hopes the restructuring will save the company $80 million a year.
Avid says it will continue to support Pro Tools and will focus on Media Enterprise and Post & Professional products.
http://www.tvtechnology.com/article/avid-sells-consumer-a/v-and-cuts--jobs/214174
And here's some interesting ideas for Avid: http://news.doddleme.com/blogs/post-production/five-ways-avid-could-stay-alive/?utm_source=Daily+News+Template+version+7%2F5%2F12&utm_campaign=7%2F0512+us&utm_medium=email
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