Digital video editing system maker Media 100 has announced that it has executed a non-binding term sheet to sell substantially all its assets to Optibase as part of a pre-packaged bankruptcy.
Media 100 said the deal will allow it to develop, sell and support its 844/X, Media 100 HD, Media 100 i and other products. Optibase makes professional video solutions including MPEG encoding cards, IP-based TV streaming products, multiplexers and software.
Media 100 President John Molinari said that the deal was "timed well" to support his company as it prepares to deliver Media 100 HD to the Power Mac G5 platform. The news of Optibase's acquisition comes only a week after Media 100 announced that it needed investors or it would be forced to close its doors.
Media 100 cautioned that the acquisition is subject to various contingencies including the approval of the bankruptcy court. If the deal falls through, Media 100 still might be forced to cease operations.