Avid® (NASDAQ: AVID) has entered into a definitive agreement to be acquired by an affiliate of STG in an all-cash transaction valuing Avid at approximately $1.4 billion, inclusive of Avid’s net debt. Under the terms of the agreement, Avid stockholders will receive $27.05 in cash for each share of Avid common stock. The cash purchase price represents a premium of 32.1% over the company’s unaffected closing share price on May 23, 2023, the last full trading day prior to media speculation regarding a potential sale of the company.
“Since our founding over 30 years ago, Avid has delivered technology that enables individuals and enterprises who create media for a living to make, manage and monetize today’s most celebrated video and audio content across the globe. We are pleased to announce this transaction with STG, who share our conviction and excitement in delivering innovative technology solutions to address our customers’ creative and business needs,” said Jeff Rosica, Avid’s CEO and president. “STG’s expertise in the technology sector and significant financial and strategic resources will help accelerate the achievement of our strategic vision, building on the momentum of our successful transformation achieved over the past several years. This transaction represents the start of an exciting new chapter for Avid, our customers, our partners and our team members and is a testament to the importance of Avid and our solutions in powering the media and entertainment industry.”
John P. Wallace, chairman of the Avid Board of Directors, said, “This transaction is the result of a comprehensive review of strategic alternatives for Avid. Upon closing, this transaction will deliver immediate, significant and certain value to our stockholders. After carefully evaluating a variety of options, the Board determined that this transaction is in the best interests of Avid and its stockholders.”
William Chisholm, managing partner of STG, a private equity partner to companies in data, software and analytics, added, “STG has admired Avid’s heritage as a category creator and pioneer in the media and entertainment software market for many years. We are excited to partner with Jeff and the management team to build on the company’s history of delivering differentiated and innovative content creation and management software solutions. We look forward to leveraging our experience as software investors to accelerate Avid’s growth trajectory with a deep focus on technological innovation and by delivering enhanced value for Avid’s customers.”
The transaction was unanimously approved by Avid’s Board of Directors and is expected to close during the fourth quarter of 2023, subject to Avid stockholder approval, regulatory approvals and other customary closing conditions. The transaction will be financed through a combination of equity and debt financing and is not subject to a financing condition. Upon completion of the transaction, Avid will become a privately held company, and its common stock will no longer be traded on NASDAQ.
American Society of Cinematographers presents 2024 Student Heritage Award winners
The American Society of Cinematographers (ASC) announced winners in the 2024 Student Heritage Awards competition. Three student filmmakers were selected for demonstrating outstanding cinematography skills in their submitted work. The Awards ceremony, presided over by ASC president Shelly Johnson and held at the historic ASC Clubhouse in Hollywood, also celebrated the lasting memory of three legendary ASC members whose work inspired generations.
Ellen Kuras, ASC presented the John Bailey Heritage Award (Graduate Category) to Joewi Verhoeven of the American Film Institute for “Taha.”
The George Spiro Dibie Heritage Award (Undergraduate Category) was presented by Michael Goi, ASC, ISC to Isabelle Leonard of the University of Southern California for “Amos' Bride.”
Patrick Cady, ASC presented The Haskell Wexler Documentary Award to Meg Weck of the University of Southern California for “Danceable.”
The Student Awards, sponsored by Sony, are one of several educational programs designed by the organization to support a new generation of talent in the early stages of their cinematography careers. To qualify, a student’s undergraduate, graduate or documentary project is submitted and judged by an ASC blue-ribbon panel for demonstrating exceptional cinematographic skill.
Many of the ASC Student Heritage Award winners have gone on to have successful careers in filmmaking, including the Student Awards Committee co-chairs Craig Kief and Armando Salas, alongside other ASC members Nelson Cragg, Masanobu Takayanagi, and Lisa Wiegand.
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