March 24, 1997 5:00 PM ET
Intel buys part of Avid
By Margaret Kane

Intel Corp. has taken a stake in Avid Technology Inc., buying 6.75 percent of the company's outstanding stock in a deal worth about $14.75 million. The two companies will work to develop digital content creation products that work on Intel's architecture. Avid creates digital audio and video tools used by film, television and interactive content producers. Intel will buy more than 1.55 million new shares of the Tewksbury, Mass., company at $9.50 per share. "Our goal is to bring the best visual computing technologies to the Intel architecture," Pat Gelsinger, vice president and general manager of Intel's Desktop Products Group, said in a release. "As technologies continue to converge to enable visual computing, digital content creation--particularly digital video editing and image manipulation--will become a key application." Gelsinger said the company plans to offer digital audio and video technologies on workstations and desktop PCs. Copyright(c) 1997 Ziff-Davis Publishing Company. All rights reserved. Reproduction in whole or in part in any form or medium without express written permission of Ziff-Davis Publishing Company is prohibited. PC Week and the PC Week logo are trademarks of Ziff-Davis Publishing Company. PC Week Online and the PC Week Online logo are trademarks of Ziff-Davis Publishing Company. Send mail to PC Week