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

Avid is moving its workflow to the cloud, providing its popular on-site editing interface to distributed production teams that will now have instant access to assets across platforms, from broadcast and cable to web and social media. Geared towards news and sports operations, the Avid Media Production in the Cloud subscription service offers a secure and convenient way to integrate existing tools and workflows with the power of the cloud “without committing to a forklift overhaul or the need for additional training,” Avid director of solutions marketing, media and cloud Raul Alba said of the rollout. Continue reading Avid Debuts ‘Media Production in the Cloud’ by Subscription

At Avid’s third annual Avid Connect event, over 1,000 people gathered prior to the official opening of NAB 2016 to hear the company’s chief executive Louis Hernandez Jr. “We’re the most open, extensible company here,” claimed Hernandez. “We invite everyone to join the open movement. We can solve this connectivity problem once and for all.” Proof of this boast was the news that Avid and rival Adobe have collaborated to tightly integrate Adobe’s Premiere Pro editing toolset into Avid’s MediaCentral Platform. Continue reading Avid Debuts Integration with Adobe Premiere, NEXIS Storage

The Entertainment Technology Center@USC hosted a discussion on next-generation cloud workflows, featuring toolsets and specific technologies. Led by ETC’s cloud project lead Erik Weaver, the conversation began with the real-world case study for post production in the cloud implemented by Los Angeles post facility DigitalFilm Tree. That company’s CTO/managing partner Guillaume Aubuchon led the audience through the workflows put in place to handle productions taking place in “remote parts of Asia and Africa.” Continue reading HPA Tech Retreat: Next-Gen Cloud Workflows Hosted by ETC