Avid has announced today that the company is selling off their consumer divisions to focus on the professional and media enterprises. The consumer divisions involved is the M-Audio brand of audio products and the Pinnacle brand of video products while the company is keeping the Pro Tools products and Media Composer products under the Avid umbrella.
The M-Audio brand will be sold to inMusic, the parent company of Akai and Alesis. This purchase includes the computer interfaces, studio monitors, microphones and keyboard controllers. Avid’s video products under the Pinnacle brand are being sold to the Corel company. This includes all the hardware and software products from Pinnacle.
The selling of the consumer brands is coming along with layoffs as Avid has announced that the company is laying off 20% of their permanent workforce. The company is expecting he changes to save the company $80 million annually.
According to Gary Greenfield, CEO of Avid, the selling off of these business will make Avid,”a more focused and agile company”. He continued, “By streamlining and simplifying operations, we expect to deliver improved financial performance and partner more closely with our enterprise and professional customers. Our objective remains to provide these customers with the innovative solutions that allow them to create the most listened to, most watched and most loved media in the world. I’m excited about our future prospects.”