Pinnacle Systems to merge with Steinberg Media Technologies AG
Such an interesting news: today Pinnacle Systems announced the signed contract to purchase Hamburg Steinberg (Steinberg Media Technologies AG) through buying all its stocks. In fact, it’s a merge of two companies, well-known in the multimedia market.
As you know, Steinberg specializes in developing digital audio processing software for the consumer and professional markets. The deal will be finally settled early in January 2003. The sum will make $24 million, of which $8.2 million will be paid in cash, $15.8 million – in Pinnacle Systems stocks. As the result, Pinnacle Systems will own all assets of Steinberg Media, including the intellectual product rights.
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