Friends and Millionaires Fight Over Tech Company

Court case

Friday, July 24, 2026, 6:10 pm

Grant Petty is a co-founder of Blackmagic Design. He is being sued by Peter Barber, who helped start the company.

In short:

A co-founder of Blackmagic Designs is suing the company. He says they did not give him dividends or let him sell his shares.

Peter Barber wants the court to make Grant Petty and Douglas Clarke buy his shares or sell the company.

What's next?

The case will go back to court next month.

A millionaire co-founder of an Australian video tech company says he was treated unfairly. He wants to sell his shares in the billion-dollar business.

Peter Barber is suing Blackmagic Design and its co-founders. He says they did not give him dividends or information about the business.

Mr. Barber says Mr. Petty stopped an investment in the company. The company was valued at $1.5 billion.

Mr. Barber has around $98 million in assets locked up in the company.

Blackmagic Design was started in Melbourne in 2001 by Mr. Barber and Mr. Petty. They were friends in high school.

Last year, the company made more than $550 million. It has offices all around the world.

Many people use Blackmagic's video editing software. It was used for the movie Avatar and the TV show Yellowstone.

The company's hardware was used for The Lion King and Avengers: Age of Ultron.

Blackmagic Design's software was used for Yellowstone.

Selling shares would hurt the company.

Mr. Barber wanted to sell his shares 10 years ago. But Mr. Petty did not want him to.

Mr. Petty said he would fight against selling shares to someone else.

Mr. Petty told Mr. Barber he would not help him sell his shares.

Mr. Petty said selling shares would destroy the company.

Mr. Barber was removed from the company's board of directors.

He has not received a salary or dividends since 2022.

Mr. Barber's lawyers say he has $98 million in assets locked up in the company.

Mr. Barber wants the court to make Mr. Petty and Mr. Clarke buy his shares or sell the company.

A venture capital firm wanted to invest in Blackmagic. But Mr. Petty did not want to sell.

The firm pulled out because Mr. Petty did not want to sell.

Mr. Petty and Mr. Clarke will respond to the claims next month.

They might ask Mr. Barber to set aside money for their legal costs.

Mr. Barber is now the CEO of another video tech company.

The company said the court case does not affect its operations.

Mr. Barber wants the court to make Mr. Petty and Mr. Clarke buy his shares or sell the company.

The case will go back to court next month.

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Практика аудирования

Практика аудирования