“PCTV is a compelling standalone hardware product and a better fit for Hauppauge, a recognized leader in the TV-viewing hardware market,” said Gary Greenfield, CEO and chairman of Avid Technology, which is selling off Pinnacle PCTV.
Greenfield said millions of media enthusiasts worldwide currently use Pinnacle’s consumer products to create and share digital content.
“As we transform Avid’s business, our strategy in this sector is to increase our focus on software applications that not only meet consumer demand – but also complement our broader portfolio of video and audio solutions,” he added.
The deal is expected to close before the end of 2008, although Financial terms were not disclosed.
Following the closing of the transaction, Hauppauge expects to continue developing and supporting both the hardware and software components of the PCTV line.