Avid buys M-Audio


— 12:31 AM on August 15, 2004

Avid has issued a press release announcing that it will acquire M-Audio.

Tewksbury, MA – August 13, 2004 – Avid Technology, Inc. (NASDAQ: AVID) today announced that it has entered into a definitive agreement to acquire Midiman, Inc., doing business as M-Audio – a leading provider of digital audio and MIDI solutions for electronic musicians and audio professionals. At closing, Avid will pay approximately $80 million in cash, issue approximately 2 million shares of Avid common stock, and assume all outstanding M-Audio stock options.
M-Audio has posted a short Q&A discussing what changes are in store for M-Audio's customers as a result of this agreement.
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