Avid Plans to Cut 410 Jobs, Sell Softimage

The Boston Globe
reports that Avid Technology will cut 410 jobs after third-quarter
revenue fell 4 percent to $217.1 million, while the net
loss ballooned to $66.4 million, or $1.80 per share. That is compared
to a loss
of $5.9 million or 14 cents per share in the same period in 2007. Most
of the increase was due to a $51 million write-down of the value of
Pinnacle Systems. Avid acquired Pinnacle Systems for $462 million in
2005.

Avid has also agreed to sell its Softimage business for $35 million to Autodesk, removing a further 90 workers
from Avid’s payroll, and reducing full-time employees from 2,700 to
2,200.

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