Sony Concludes Sonic Purchase; Huge Display Set for WEVA EXPO
August 07, 2003
Culver City, CA. and Madison, WI - Sony Pictures Digital has concluded its acquisition of Sonic Foundry, Inc., and Sony plans to unveil a new giant display of digital video production tools for professional videographers at WEVA EXPO 2003.
News of a potential transaction had been previously reported,
see Industry News, May 5, 2003.
Now, the transaction has been completed, following approval from Sonic Foundry stockholders at the Company's annual meeting in late July.
Existing Sonic products, such as the industry-leading ACID, Sound Forge and Vegas (pictured) Series of NLE products, as well as other related assets, are expected to continue in the marketplace. New versions of the digital media software from Sony Digital Pictures, Screenblast Movie Studio and Screenblast ACID 4.0, will be available shortly. Additional plans regarding specific software will be announced as they develop, the companies reported.
Vegas, Sonic Foundry's nonlinear editing program with HD, uncompressed video and 5.1 audio capabilities, will have a significant display presence at WEVA EXPO 2003, in the Sony booth. Representatives of Sony Pictures Digital will be in the booth to answer questions and provide hands-on demonstrations of the software.
According to Sony Electronics' Craig Yanagi, Senior Manager, Corporate Marketing, Business Solutions and Systems Company, Sony will have the largest sponsor's exibitor booth at WEVA EXPO 2003, which will be held August 25-28, 2003 at Bally's Las Vegas.
The Sony exhibit will feature not only hands-on Vegas workstations, but also professsional video acquisition and editing solutions; DVD creation and burning products; external storage and project back-up devices such as GigaVault and RoughCut; an extensive professional audio display; and participation from other companies such as Apple and Adobe.
Sony will also conduct special technical sessions on professional audio applications for videographers on the WEVA EXPO 2003 trade show floor.
Screenblast, which debuted in September 2001, gives the consumer the ability to create, enhance and share their digital videos, music and photos with a combination of a powerful software suite and an easy-to-use online service for sharing and personalizing digital media. Screenblast Movie Studio and Screenblast Music Studio (now known as Screenblast ACID 4.0 software) have been available since October 2002.
Sony Pictures Digital plans to maintain the desktop software products business in Madison, it was also announced. Approximately 70 former Sonic Foundry employees will be working for Sony Pictures Digital out of Sonic Foundry's former facilities.
The acquisition concluded for $19 million cash, certain other consideration and assumption of certain trade payables, accrued liabilities and capital leases associated with the desktop software business.
Sony Pictures Digital oversees the digital production and online assets of Sony Pictures Entertainment (SPE) and consists of four key operating business units: Sony Pictures Animation, Sony Pictures Imageworks, Sony Online Entertainment and Sony Pictures Digital Networks which includes Screenblast, among others.
It is a separate entity from Sony Electronics, Inc., but will enjoy cross-promotional and other market opportunites in regards to the acquisition.
For more information, visit
www.sonypictures.com
or
www.sonicfoundry.com
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