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Steinberg Sell Out
Post production technology proves attractive to Pinnacle Systems Inc. 20/12/02
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Pinnacle Systems, Inc known for their advanced video solutions such as DV editing systems and DVD creation, announced today that it has entered into a definitive agreement to acquire all of the stock of Steinberg Media Technologies AG based in Hamburg, Germany. Steinberg specializes in digital audio software solutions for consumers and professionals. The companies expect to close the transaction in early January 2003 and have agreed on a total purchase price of approximately $24 million, consisting of $8.2 million in cash and $15.8 million of Pinnacle Systems common stock. At closing, Pinnacle Systems will acquire all products, software, and intellectual property rights, along with all other assets and liabilities of the company. Pinnacle will account for this transaction as a purchase in Pinnacle Systems' fiscal Q3, ending March 31, 2003. The Company will host a conference call at 2:00 p.m. (Pacific Time) on December 18, 2002. The call in number is 800-634-1569, no password required.
J. Kim Fennell, President and CEO at Pinnacle Systems said, "We are delighted to welcome Steinberg's customers and employees into the Pinnacle family. Steinberg is a recognized industry leader in digital audio and this transaction significantly broadens Pinnacle's digital media offerings. By adding the talent and technology of Steinberg to our company, we believe we can bring our customers an even stronger solutions portfolio."
"Steinberg is pleased to be joining forces with Pinnacle Systems. Our customers and products will benefit greatly from the combined resources of the two companies and we look forward to bringing audio production expertise to the award-winning Pinnacle Systems' product lines," said Manfred Rürup, President of Steinberg Media Technologies AG.