Massachusetts-based editing software and services company Avid Technology has entered into an agreement with an affiliate of private equity firm STG for an all-cash transaction valued at approximately $1.4 billion, including Avid’s net debt. Unanimously approved by Avid’s board of directors, the deal is expected to close during the fourth quarter of 2023. Upon completion, Avid will become a privately-held company and its stock will no longer be traded on the Nasdaq exchange. The transaction, which will be financed through equity and debt financing, is subject to Avid stockholder and regulatory approvals. Continue reading Private Equity Firm STG Plans to Acquire Avid for $1.4 Billion

An international group of more than 100 television and movie production professionals has petitioned Apple CEO Tim Cook with an open letter requesting improvements to make the company’s Final Cut Pro video editing software more commercially viable. Although generally capable of professional execution and apparently fun to use — qualities that have made it popular among individual creators, amateur and pro alike — Final Cut lacks collaborative features and general awareness among industry decision-makers, signatories say. Posted Tuesday on the eve of the NAB Show using GoPetition, Apple has not yet responded to the communique. Continue reading Film and TV Professionals Request an Improved Final Cut Pro

At Cine Gear Expo on the Paramount Pictures lot, Canon unveiled the much-anticipated Canon EOS C200 and Canon EOS C200B Digital Cinema Cameras, the latest in its EOS digital cinema line. Key new features are two 4K video formats, Canon’s  Cinema RAW Light and MP4, targeting HDR productions. The cameras also have a dual DIGIC DV6 image processing system, which was developed for these cameras as well as Canon’s Dual Pixel CMOS AF system. Both cameras are slated to deliver in August 2017. Continue reading Canon Announces New Cameras in EOS Digital Cinema Line

First announced at last year’s NAB, cloud-based production service Adobe Anywhere is scheduled to launch in May and will be on display at next week’s NAB (booth SL3910) in Las Vegas. The toolset enables collaboration for creative professionals using Adobe Premiere, After Effects and logging tool Prelude. It uses Adobe’s Mercury streaming engine, a server that streams relevant video frames and scales quality based on available bandwidth. Continue reading NAB 2013: Cloud-Based Production with Adobe Anywhere