Sony Pictures Digital has reached an agreement to purchase all of Sonic Foundry's desktop software products and related assets for $18 million cash and assumption of certain trade payables, accrued liabilities and capital leases. The acquisition follows the recent retail release of Sony Pictures Digital's Screenblast Movie Studio and Screenblast Music Studio video and music-mixing applications created in conjunction with Sonic Foundry.
Included in the sale are Sonic Foundry's ACID, Sound Forge and Vegas Series, as well as other related assets.
According to Rimas Buinevicius, chairman and CEO of Sonic Foundry, “Consummation of this agreement will give us the cash we need to pay our debt and allow us to focus our attention on writing the next successful chapter of Sonic Foundry's story — rich media — and building upon the early success we've already achieved with our Web presentation solution, Media Site Live.”
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