Short Take: Avid buys back shares from Intel

Digital media company Avid Technology announced that it has repurchased 500,000 shares of Avid common stock from Intel. Intel originally purchased 1,552,632 shares of Avid at $9.50 per share in March 1997. The privately negotiated repurchase deal allows Avid to continue its program to buy back 1.5 million Avid shares. The company said Intel will remain an Avid investor.

Aug. 7, 1998 8:00 a.m. PT

Digital media company announced that it has repurchased 500,000 shares of Avid common stock from Intel. Intel originally purchased 1,552,632 shares of Avid at $9.50 per share in March 1997. The privately negotiated repurchase deal allows Avid to continue its program to buy back 1.5 million Avid shares. The company said Intel will remain an Avid investor.