A while ago we reported that Sonic
Foundry, known for their video- and audio editing software, had sold its
desktop software business to Sony. Today we can read that
the company has also sold its entertainment business to another company
called Deluxe Media Services:
 Sonic
Foundry, Inc., a leading digital media software solutions company, today
announced it has closed on the sale of assets comprising its entertainment
industry-based business to Deluxe Media Services, Inc., a leader in motion
picture capture and control, production facilities and services, for
approximately $5.6 million cash, including an estimate of net working
capital.
Together with the money it expects to
receive from Sony Pictures Digital for the sale of its desktop software
business, Sonic Foundry will use the approximate $24 million proceeds to
pay off debt and fund the company's operations moving forward. The sales
mark the completion of the company's efforts to raise cash from the sale
of business assets.
Regarding the next chapter in Sonic Foundry's
evolution, Chairman and CEO Rimas Buinevicius said, "The company's focus
has been evolving to rich media content creation, management and
distribution over the Internet with Web streaming and distribution
solutions, such as our proven Media Site Live(TM) product." Media Site
Live is a Web presentation system Sonic Foundry introduced in 2002 that is
used for a wide variety of enterprise communication applications, such as
distance learning, corporate training and
webcasting. |
The sale of more Sonic Foundry products will affect all 80 employees
according to the article. Read the complete press release here.
Source: Yahoo!Finance
