Belden Inc. has announced its intention to divest the Grass Valley media technology business.
A press statement from Grass Valley was released by the company.
The statement read: "The move is a positive one for Grass Valley, its employees and customers. Grass Valley is a market leader in the media technology business and a profitable operation with top quartile EBITDA performance. Grass Valley is the world’s leading media technology supplier with uniquely strong customer and partner relationships. This makes Grass Valley an attractive investment to those interested in the media tech space and Belden has been actively discussing options with interested parties during 2019.
Grass Valley does not expect this announcement to disrupt its current operations and will continue to focus on meeting the needs of customers, partners and employees."
Belden will immediately begin reporting Grass Valley as a “discontinued operation” on its income statement.
Grass Valley has stressed that this does not in any way imply that Grass Valley is going out of business.