Street Talk
As SHOOT went to press, Tewksbury, Mass.-headquartered Avid Technology (NASDAQ: AVID) entered into a definitive agreement to acquire Mountain View, Calif.-based Pinnacle Systems (NASDAQ: PCLE). The deal, a combination of cash and stock, is valued at $462 million and is expected to close in the second or third quarter of this year. Following the closing, the parties expect that Pinnacle’s professional products will enhance Avid’s broadcast production pipeline. In addition, Pinnacle’s consumer video business will form the basis for a new consumer video division at Avid, providing the company with an immediate avenue into that segment.
“By acquiring Pinnacle’s consumer video business, Avid will be able to tap into the next generation of video editors while they are still learning their craft,” Avid president and CEO David Krall said in a released statement. “This creates a very large potential customer base for Avid’s future. At the same time, we believe that Pinnacle’s professional broadcast offerings will fit seamlessly with Avid’s business, extending our end-to-end broadcast solutions with servers and on-air graphics products.”
For editing professionals, one product to watch may be Pinnacle’s Cinewave HD, which provides HD capabilities to Avid’s rival, Apple’s Final Cut Pro…..
Director Noah Marshall of Auckland, N.Z.-based The Sweet Shop, is exclusively represented in the U.S. for commercials by Notorious 24:7, Santa Monica. In a “Street Talk” item last week about Czar Films (with offices in Amsterdam, Berlin, Brussels and New York) entering into a cross representation deal with The Sweet Shop, Marshall was mentioned as being on the latter company’s roster. According to Notorious 24:7, Marshall is not part of that Czar/Sweet Shop arrangement in the U.S. territory. At press time, the director was prepping for a campaign via Notorious 24:7….Director Harald Zwart has come aboard bicoastal Villains. He has already wrapped a Villains-produced Scope commercial for Saatchi & Saatchi, New York….Cliff Grant has joined The Story Companies, bicoastal and Chicago, as executive producer. He most recently served for two years as line producer on the NBC reality series Starting Over. Experienced in commercials, Grant will work with The Story Companies’ directors and be involved in the company’s national sales effort. He will also recruit new directorial talent. This is his second tour of duty with The Story Companies; early in his career, he served as its production manager….