This IS the Avid L2: [Avid-L2] Re: Staff cuts and selling the Consumer side

Many of us talked about the corporate arrogance of Avid back in those days. Now that arrogance has come back to bite them in the ass. I think this is just the start....

--- In Avid-L2@yahoogroups.com, "Knut A. Helgeland" <knut@...> wrote:
>
> 2004: "Avid Technology announced the acquisition of M-Audio... Avid is paying US$80 million in cash, 2 million shares stock (valued at approximately $83 million), the assumption of some 350,000 options at M-Audio, and between $20 million and $25 million in earnouts based on financial milestones."
>
> 2005: "Under the terms of the agreement, Pinnacle shareholders will receive .0869 shares of Avid stock and $1.00 in cash for each Pinnacle share. At closing, it is expected that Avid will issue approximately 6.2 million shares and pay $71.3 million in cash, for a total estimated value of $462 million based on Avid's stock price of $62.95 at market close on Friday, March 18, 2005."
>
> Any more sandbags left to drop from this balloon?
>
> Four years ago they sold off Softimage for $35 million, having acquired it for $285 million back in 1998 - now this is more of the same just even worse. From $650 million to around $21 million in seven years? This is loss on a massive scale.
>
> It's very sad seeing such a brilliant company with so many great ideas and concepts being slowly pulled apart by a disillusioned management and incompetent marketing.
>
> Good luck to everyone having to leave this time - and good luck to those staying too.
>
> K
>
> On 3. juli 2012, at 23:57, Terence Curren wrote:
>
> > I've heard the layoffs were huge. Tim Claman, the CTO is out. What is a tech company without a CTO?
> >
> > --- In Avid-L2@yahoogroups.com, RT <huipro@> wrote:
> >>
> >> Someone on the list said this company needed to be "shaken - not
> >> stirred". I agree 100%. ;-)
> >>
> >> But I heard great things about the iPad editor.
> >>
> >>
> >> paul.hartel wrote:
> >>
> >>>
> >>>
> >>> Damn. "According to Monday's filing, Avid has agreed to sell both its
> >>> consumer audio and video-editing lines to two separate buyers, inMusic
> >>> of Cumberland, R.I., and Corel Corp. of Ottawa, Canada. Products
> >>> included in the deals are Avid's music production line of digital
> >>> keyboards, speaker systems and DJ equipment, among other audio-related
> >>> technologies, as well as its Avid Studio, Pinnacle Studio and Avid
> >>> Studio video-editing application made specifically for the i-Pad.
> >>>
> >>> Avid said its consumer businesses accounted for $91 million, or 13
> >>> percent, of its $677 million in 2011 revenue. The company expects to
> >>> incur a $19 million-to-$23 million restructuring charge related to the
> >>> sales."
> >>>
> >>> Selling it's iPad product? I hope to hell they hang in there. I do not
> >>> want to switch to Adobe Premiere.
> >>>
> >>> -- paul
> >>>
> >>> --- In Avid-L2@yahoogroups.com <mailto:Avid-L2%40yahoogroups.com>,
> >>> "Terence Curren" <tcurren@> wrote:
> >>>>
> >>>> I'd bet that Avid is still making money in the shared storage area.
> >>> They are moving a lot of Isis systems in LA. It's almost like they are
> >>> becoming a server company.... D'oh!
> >>>>
> >>>> --- In Avid-L2@yahoogroups.com <mailto:Avid-L2%40yahoogroups.com>,
> >>> "haus" <switthaus@> wrote:
> >>>>>
> >>>>>
> >>>>> One could see this coming for a long time. My feeling is that this
> >>> is just one in a series of big changes coming for Avid in the next
> >>> several months...something has got to give.
> >>>>>
> >>>>> sw
> >>>>> --- In Avid-L2@yahoogroups.com <mailto:Avid-L2%40yahoogroups.com>,
> >>> "Dave Spraker" <avid@> wrote:
> >>>>>>
> >>>>>> Oooops...
> >>>>>>
> >>>>>>
> >>>>>>
> >>>>>> Sorry about that. New mail client.
> >>>>>>
> >>>>>>
> >>>>>>
> >>>>>> - Dave
> >>>>>>
> >>>>>>
> >>>>>>
> >>>>>> _____
> >>>>>>
> >>>>>> From: Avid-L2@yahoogroups.com <mailto:Avid-L2%40yahoogroups.com>
> >>> [mailto:Avid-L2@yahoogroups.com <mailto:Avid-L2%40yahoogroups.com>] On
> >>> Behalf Of
> >>>>>> Jim Feeley
> >>>>>> Sent: Monday, July 02, 2012 1:34 PM
> >>>>>> To: Avid-L2@yahoogroups.com <mailto:Avid-L2%40yahoogroups.com>
> >>>>>> Subject: Re: [Avid-L2] Staff cuts and selling the Consumer side
> >>>>>>
> >>>>>>
> >>>>>>
> >>>>>>
> >>>>>>
> >>>>>> Revenue vs profits? Considering all the hardware M-Audio moves,
> >>> I'll guess
> >>>>>> the margins are thinner than with software.
> >>>>>>
> >>>>>> Jim Feeley
> >>>>>> PS- Dave, can you change your email settings so your posts don't
> >>> show up
> >>>>>> with "Avid" in the "from" line? Or am I the only one seeing
> >>> Dave's posts
> >>>>>> that way?
> >>>>>>
> >>>>>> On Jul 2, 2012, at 1:28 PM, [Not Avid] wrote:
> >>>>>>
> >>>>>>> I don't read those things all the time but something seems
> >>> weird to me.
> >>>>>>> The consumer division brought in $91 million worth of revenue
> >>> last year
> >>>>>> and
> >>>>>>> they are selling it for $21 million - which is the charge they
> >>> will take
> >>>>>>> for selling it? Gotta be another sale coming...
> >>>>>>>
> >>>>>>> - Dave
> >>>>>>>
> >>>>>>> On Mon, Jul 2, 2012 at 12:08 PM, KBod <KMBodner@
> >>>>>> <mailto:KMBodner%40yahoo.com> > wrote:
> >>>>>>>
> >>>>>>>> **
> >>>>>>>>
> >>>>>>>>
> >>>>>>>> Just saw this:
> >>>>>>>>
> >>>>>>>>
> >>>>>>
> >>> http://www.nasdaq.com/article/avid-technology-to-sell-consumer-businesses-cu
> >>>>>> t-jobs-coo-to-step-down-20120702-00689
> >>>>>>
> >>>>>>
> >>>>>>
> >>>>>>
> >>>>>>
> >>>>>> [Non-text portions of this message have been removed]
> >>>>>>
> >>>>>
> >>>>
> >>>
> >>>
> >>
> >>
> >>
> >> [Non-text portions of this message have been removed]
> >>
> >
> >
> >
> >
> > ------------------------------------
> >
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> >
> >
> >
>