Avid Technology, Inc.
Oct 30, 2017

Avid and Harmonic Sign Global Patent Licensing Agreement, Settle Litigation

Parties agree to cross-license patent portfolios

BURLINGTON, Mass., Oct. 30, 2017 (GLOBE NEWSWIRE) -- Avid® (Nasdaq:AVID) today announced a global patent cross-licensing agreement with Harmonic Inc. (Nasdaq:HLIT), ending its patent infringement litigation against Harmonic on a mutually acceptable basis without trial.  Under the terms of the settlement, Harmonic will pay $6.0 million to Avid.  The first payment of $2.5 million was made on October 24, 2017; the remaining $3.5 million will be paid in two installments of $1.5 million and $2.0 million in 2019 and 2020, respectively.

About Avid
Through Avid Everywhere™, Avid delivers the most open and efficient media platform, connecting content creation with collaboration, asset protection, distribution, and consumption. Avid's preeminent customer community uses Avid's comprehensive tools and workflow solutions to create, distribute and monetize the most watched, loved and listened to media in the world—from prestigious and award-winning feature films to popular television shows, news programs and televised sporting events, and celebrated music recordings and live concerts.  With the most flexible deployment and pricing options, Avid's industry-leading solutions include Media Composer®, Pro Tools®, Avid NEXIS®, MediaCentral®, iNEWS®, AirSpeed®, Sibelius®, Avid VENUE™, Avid FastServe™, Maestro™, and PlayMaker™.  For more information about Avid solutions and services, visit www.avid.com, connect with Avid on Facebook, Instagram, Twitter, YouTube, LinkedIn, or subscribe to Avid Blogs.

© 2017 Avid Technology, Inc. All rights reserved. Avid, the Avid logo, Avid Everywhere, Avid Artist | DNxIV, Avid NEXIS, Avid FastServe, AirSpeed, iNews, Maestro, MediaCentral, Media Composer, PlayMaker, Pro Tools, Avid VENUE, and Sibelius are trademarks or registered trademarks of Avid Technology, Inc. or its subsidiaries in the United States and/or other countries. All other trademarks are the property of their respective owners. Product features, specifications, system requirements and availability are subject to change without notice.   

Media contact:
Jim Sheehan
Avid
jim.sheehan@avid.com
978.640.3152

Investor contact:
Dean Ridlon
Avid
dean.ridlon@avid.com
978.640.3379