Intel Invests $14.75 Million in Avid

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Reuters

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Mar 25, 1997, 3:00:00 AM3/25/97
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<I><A HREF='http://www.clari.net/'>ClariNet</A> <CLARI-ITEM TYPE>story</CLARI-ITEM> <B><CLARI-ITEM SLUGWORD>BUSINESS-INTEL</CLARI-ITEM></B> from <CLARI-ITEM FROM>Reuters</CLARI-ITEM></I><BR>
<H1><CLARI-ITEM HEADLINE>Intel Invests $14.75 Million in Avid</CLARI-ITEM></H1>
<I><B><CLARI-ITEM COPYRIGHT>Copyright 1997 by Reuters</CLARI-ITEM></B></I> / <I><CLARI-ITEM DATE>Tue, 25 Mar 1997 3:54:14 PST</CLARI-ITEM></I><P>
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<P> SAN JOSE, Calif. (Reuter) - Aiming to bring entertainment
from the silver screen to the personal computer screen,
semiconductor maker Intel Corp. says it has invested $14.75
million in video and audio production equipment supplier Avid
Technologies Inc.</P>
<P> Tewksbury, Mass.-based Avid has been challenged by the shift
in the entertainment market away from traditional platforms such
as Apple Computer Inc.'s Macintosh systems.</P>
<P> And Intel took a broad swipe at struggling Apple in signing
up Avid -- whose video editing systems were initially based
around the Macintosh -- to develop for Intel PCs.</P>
<P> Intel and Avid said in a joint news conference Monday that
the investment was part of an alliance supporting Avid's plans
to offer video and audio editing products on the Intel
architecture.</P>
<P> The investment, in which Intel will purchase 1,552,632 newly
issued shares of Avid at $9.50 a share based on the stock's
Friday close. On Monday Avid stock jumped $2 to $11.50.</P>
<P> The deal, unveiled at Intel's ``platforms for visual
computing'' conference here, is part of Intel's effort to launch
itself into the world of Hollywood entertainment.</P>
<P> Craig Barrett, Intel's chief operating officer and
president-elect, said the company expects machines equipped with
its processors to be used for authoring as well as playing
multimedia content in coming years.</P>
<P> William Miller, chairman and chief executive of Avid, said
he anticipated this will extend beyond Hollywood, to businesses
and eventually home users, who could, for example, post video
recordings of a child's birthday party on the Internet for
family to see.</P>
<P> ``We intend to aggressively expand our capabilities on the
Intel architecture,'' Miller said, adding the company will
expand its distribution capabilities aimed at the use of
Intel-based personal computers.</P>
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