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Avid (http://www.avid.com) has initiated a series of strategic actions to focus the company on its media enterprise and post and professional customers and to drive improved operating performance. As part of these actions, the company is divesting its consumer businesses, including its audio and video brands.
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. 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 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 Corp., 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.
Avid also plans to reduce the number of its employees as it streamlines operations, with approximately 20% of its permanent employee base impacted by the divestitures and headcount reduction plans. The company currently expects to incur a restructuring charge of approximately $19 to $23 million related to these actions and other associated measures.