Art3x writes "EditShare will release its video editor as open source this summer. Lightworks handles high-definition media, DPX, and RED, shares projects with Final Cut Pro and Avid, and was recently used by Academy-award-winning editor Thelma Schoonmaker on Shutter Island. Introduced in 1989 and bought by EditShare last year, it 'has come from over one million hours of software development,' says EditShare's James Richings. But he says releasing the source will 'generate concepts and capabilities never seen before. I expect that the Lightworks Open Source initiative will transform not only the technology, but also the opinions on what a professional editing tool can achieve.'"
From the press release's description, it sounds like the "open source" phase will follow a period of free-as-in-beer downloading.