Faced with losses and tough competition from much larger companies, Sonic Foundry has agreed to sell its desktop audio and music production product family to Sony Pictures Digital for $18 million in cash and the assumption of certain liabilities and obligations, the companies announced Friday.
The deal involves a handful of Sonic Foundry products: its Acid music production software, the Vegas multitrack audio and video editing system, and the Sound Forge audio editing program. Sony will continue to sell these products after the deal closes, probably after the shareholder meeting in June.
Sonic Foundry has about 190 employees, approximately 70 of whom will transfer to Sony once the deal is complete.
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News source: PCWorld.com
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