Dolby To Buy Doremi For $92.5 Mln Cash

(RTTNews) - Dolby Laboratories, Inc. (DLB) Monday announced a definitive agreement to acquire Doremi labs, a provider of digital cinema video playback solutions, for $92.5 million cash, with an additional $20 million in contingent consideration that may be earned over a period of 4 years.

Kevin Yeaman, CEO of Dolby, said, "Dolby and Doremi Labs have complementary technology expertise and solutions. Together we'll be able to advance the pace of innovation and create the kind of cinematic experiences that drive movie attendance for our exhibitor partners."

Dolby does not the expect the transaction to have a material impact on 2014 revenue and adjusted results. The acquisition is expected to close by the end of 2014.