Avid nearing sale, Reuters reports
Summary
Over the past three decades, Avid has continued to innovate with new product launches like its Media Composer software and expanded into new sectors through acquisitions, such as audio editing and mixing along with virtual and augmented reality in broadcast. The company has gone through periods of restructuring and leadership changes, but has maintained its position as a leading provider of content creation tools in all parts of the media and entertainment ecosystem. Symphony Technology Group and Francisco Partners have emerged as top contenders to acquire Avid, which has been exploring strategic options including a sale with the help of investment bank Goldman Sachs. Avid is scheduled to report earnings next week on August 9, which will give further insight into its financial position amid the sale process. Activist hedge fund Impactive Capital has also been pushing for changes as Avid’s largest shareholder after striking a deal in 2019 to get board representation.