Shares of Avid Technology, Inc. AVID, a creator and distributor of audio and video content, surged higher by more than 13 percent on Wednesday after the company announced a new partnership with Sinclair Broadcast Group Inc SBGI.
Sinclair Broadcast Group is one of the largest television station operators and local news providers in the US. As part of the agreement, Sinclair Broadcast Group has chosen to standardize on Avid's MediaCentral Platform to transform its content creation and distribution workflows.
"Our agreement with Sinclair is an outstanding example of how Avid Everywhere can help media organizations overcome the challenges of managing technology, staying competitive, and maximizing the value of content," Avid's CEO Louis Hernandez, Jr. said in the press release. "With our enterprise-wide thinking, innovative commercial approaches to support longer-term business models, and the industry's leading open technology platform, Avid is uniquely positioned to help media organizations address the business challenges of today - and tomorrow.
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