Avid is sold to STG

It was a rumor for some time, now Avid confirms to be sold to STG

Avid to be Acquired by STG for $1.4 Billion

Prepare to have your assets stripped. Makes one feel lucky that Yamaha own Steinberg.

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Dear Avid Users,

Welcome to Steinberg.

Love,

History

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Steinberg: Bid on Eucon and Avid controllers. Buy. Rebrand. Develop further. Everyone happy.

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Interestingly enough, apparently the owners of Native Instruments/iZotope/PluginAlliance were also sniffing around, but didn’t end up with the deal.

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Also from Reuters a few months ago:

In its first-quarter earnings, Avid’s annual recurring revenue grew 8.1% to $228 million, while its active paid software subscriptions grew 22% year-on-year. The company missed analysts’ expectations, however, and its shares have dropped, down almost 20% year-to-date.

(I read: actual sales are in free-fall.)

Avid Chief Executive Jeffrey Rosica told analysts on the company’s earnings call that supply chain issues created ‘substantial and unexpected gross margin headwinds for audio hardware,’ which eroded profitability.

(I read: can’t make stuff cheaply in China any more.)

I’m also guessing some “investors” are dumping shares in anything related to the creative audio-visual industries and throwing money into one or other AI bubble.

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Sounds likely.

At least Elon didn’t buy them…

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Yeah so glad that didn’t happen. Nothing would be worse than NI having a favorite DAW they want to push on you.

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Yes!! x 1000!!