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Avid, Pinnacle Deal Approved

Shareholders of Avid Technology and Pinnacle Systems gave final approval to a deal in which Avid will acquire Pinnacle Systems, creating one of the largest makers of professional and consumer video systems. The closing of the transaction awaits final approval by European regulators.

David Krall, Avid president and CEO, says the company is eager to complete the deal so it can begin capitalizing on the opportunities that he says lie ahead in the consumer and professional markets. The two companies agreed on the sale on March 21 of this year.