Digital audio and video tools provider Avid Technology Inc has announced a restructuring plan that will see 200 jobs lost, or roughly 11% of the company’s overall staff. Tewksbury, Massachusetts-based Avid says the plan, which is expected to bring about cost savings of about $20m per year, will result in a charge of $9m to $10m in the fourth quarter. The restructuring charge primarily reflects staff reductions at the company’s headquarters, as well as sales and marketing operations in the US and Europe. Avid said it would also cut discretionary spending.
The company says the job cuts are part of an overall shift in focus toward the internet and advanced work group offerings. Avid said it plans to unveil a comprehensive editing and publishing system for the emerging web broadcast market in April, to be called Avid Express DV. The company also plans to launch a new web site that will provide interactive information and services to new media and post-production professionals.
