Media Composer v8.9.3 is available today and can be updated from “My Avid” account, the Application Manager, and the Avid Download Center with your username and password. There are both Mac and Windows Installers for the update.

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This looks like a pretty big update for a point update! Here's a post from Carl Amoscato from Avid on the Avid Forums with information on the update.

What’s New in Media Composer v8.9.3

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• Effects Parameters Update – With this release, the following effect parameters have been updated to include a decimal for better precision.
• Move Clips Up and Down in the Timeline – Two new commands allow you to easily move clips up and down the Timeline.
• Color Info Tool Setting – A new setting has been added to the Effect Editor that allows you to disable the Color Info Tool from automatically launching when you access a color picker.
• Dynamic Shuttle – With this release, you can use the Dynamic Play Forward and Dynamic Play Reverse buttons to adjust play speeds at smaller increments than with the usual J and L keys.
• Audio Pitch Correction – This release includes an Audio Pitch Correction option. Go to the Audio Settings in the Project window.
• Color Correction Presets – A number of color correction presets have been added to the effects library.
• Adjusting FrameFlex Parameters – With this release, using the Shift key while adjusting the X, Y, Size, and Z Rotation framing parameters, allows for a more controlled adjustment.
• Tool Palette Update – This release includes changes to accessing the Tool Palette.
• Motion Adapters and Source Settings Support for Matte Key Effects – In previous releases, Motion Adapter effects were not applied to clips with Matte Key effects. With
• this release, Matte Key’s support Motion Adapters. Adapters are applied to both the graphic fill and alpha sub tracks.
• Relinking Across Frame Rates – With this release, you can relink across different frame rates. A new option has been added to the Relink dialog box that allows you to relink to clips across different frame rates
  

There are also quite a few bug fixes and I'd recommend reading the original post for details.

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Note: Customers who are NOT on a current Upgrade & Support contract that wish to upgrade to Media Composer v8.9.3 must purchase a new Subscription or Perpetual License.

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