Avid plans to sell Pinnacle PCTV line to Hauppauge

Avid Technology Inc., a Tewksbury multimedia technology company, said today that it agreed to sell its Pinnacle PCTV product line and related assets to Hauppauge Digital Inc. for an undisclosed sum.

The deal is expected to close before the end of the year.

Avid said it is focusing on software that complements its broader portfolio of video and audio products. The company makes digital editing systems used in film, video, audio, 3D animation, gaming and other industries.

"PCTV is a compelling standalone hardware product and a better fit for Hauppauge, a recognized leader in the TV-viewing hardware market," said Gary Greenfield, Avid chairman and chief executive, in a statement.

Hauppauge makes television receivers for personal computers, among other products.

Shares of Avid rose 34 cents, or 2.5 percent, to $13.90 in morning trading on the Nasdaq Stock Market, while shares of Hauppauge rose a penny to $1.01. (AP)