TheStreet, Inc.
TheStreet.com
Type of businessSubsidiary
Founded1996; 28 years ago (1996)
HeadquartersNew York City, New York, United States
Founder(s)Jim Cramer
Marty Peretz
Key people
IndustryPublishing
ProductsFinancial literacy website
ParentThe Arena Group
URLwww.thestreet.com

TheStreet is a financial news and financial literacy website. It is a subsidiary of The Arena Group. The company provides both free content and subscription services such as Action Alerts Plus,[1][2] a stock recommendation portfolio co-managed by Bob Lang and Chris Versace.[3] TheStreet was founded by Marty Peretz and Jim Cramer, and the site boasts numerous notable former contributors, including Aaron Task, Herb Greenberg, and Brett Arends.[4]

History

Early years: going public

TheStreet, Inc., (formerly, TheStreet.com, Inc.) was co-founded in 1996 by Jim Cramer and Marty Peretz. It became a public company via an initial public offering in May 1999[5] under the direction of former CEO Kevin English and former CFO Paul Kothari.[6][7]

Dave Kansas became editor-in-chief in April 1997. Kansas also opened a San Francisco bureau and was a member of the board of directors.[8]

In 1999, at the peak of the dot-com bubble, the market capitalization of the company was $1.7 billion.[9]

Early 2000s: profitability and CEO changes

In July 2001, David J. Morrow, a former reporter for The New York Times, joined TheStreet, Inc. as its editor-in-chief upon Kansas's departure. Glenn Hall, a former news manager at Freedom Communications (The Orange County Register) and Bloomberg News, replaced Morrow in August 2009.[10] William Inman, former Bloomberg News Editor, replaced Glenn Hall as Editor-in-Chief in March 2012.[11] Janet Guyon, from Fortune, The Wall Street Journal, Bloomberg, and Investopedia replaced William Inman in April 2014.[12]

Under the direction of former chairman and CEO Thomas J. Clarke Jr., the company reported its first annual profit in 2005. Jim Cramer became chairman in October 2008, and served in that capacity until 2011.[13]

Daryl Otte, a long-time company director, became CEO in May 2009 after the resignation of the former CEO, Thomas Clarke. Otte is the founding partner of Montefiore Partners, a venture capital investment fund management firm, and a former executive at media company Ziff Davis.[10][14][15] On March 7, 2012, Elisabeth DeMarse was hired as CEO and president, replacing outgoing CEO Daryl Otte.[16][17]

2007–14: acquisitions

In April 2007, the company acquired Stockpickr.com.[18]

In August 2007, the company acquired Corsis, including Promotions.com for $20.7 million. It was sold to management for $3.1 million in December 2009. Executives of the company were later accused of inflating revenues and paid penalties to the U.S. Securities and Exchange Commission.[19][20]

In November 2007, the company acquired BankingMyWay and RateWatch.[21] In 2008, the company acquired a 13% stake in Geezeo.com, a Boston-based online management tool, with an option to purchase the entire company.[22]

In September 2012, the company acquired The Deal LLC, a media company that covers mergers and acquisitions.[23][24] The site was sold in February 2019.[25] In April 2013, TheStreet Inc. acquired financial newsletters The DealFlow Report, which covers microcap stocks, including initial public offerings and private placements, and The Life Settlements Report, which focuses on life insurance settlements, as well as the PrivateRaise database.[26][27]

In November 2014, the company acquired BoardEx for $22.5 million.[28] BoardEx was sold in December 2018.[29]

2010s: pre-sale moves

In June 2016, David Callaway left USA Today to become CEO of TheStreet.com.[30]

In June 2018, the company sold Rate Watch to S&P Global for $33.5 million.[31][32]

In February 2019, the company sold The Deal and BoardX for $87 million. David Callaway left as CEO and was replaced by Eric Lundberg.[33][25]

theMaven/The Arena Group

In August 2019, the Maven acquired the company for $16.5 million.[34] The company also partnered with Sports Illustrated Fantasy to launch Bull Market Fantasy with Jim Cramer, a channel offering insights, analysis and tips for winning fantasy sports leagues.[35]

During the 2020 COVID-19 pandemic, TheStreet received between $5 million and $10 million in federally backed small business loans from JPMorgan Chase Bank as part of the Paycheck Protection Program. The company stated the loans would allow it to retain 15 jobs.[36][37]

In 2021, theMaven rebranded itself as The Arena Group.[38]

International activities

In December 1999, TheStreet entered an agreement with the Israeli newspaper publisher Haaretz, to invest $2.25 million in exchange for a 25% stake in TheMarker, a new business news website in Hebrew and English. According to the investment agreement, TheStreet.com published selected news and articles on Israeli technology companies from the TheMarker site, and in exchange TheMarker published selected news and articles from TheStreet.com.[39] Following the burst of the dot-com bubble, the investment in TheMarker was fully impaired.[40]

In February 2000, TheStreet launched a UK edition (thestreet.co.uk);[41] it closed less than a year later, in November 2000.[42]

References

  1. ^ "TheStreet's Best Newsletters and Subscriptions for Stock Traders and Investors". TheStreet.
  2. ^ "Subscribe to Action Alerts Plus". TheStreet.com.
  3. ^ Kuhn, Daniel (April 22, 2019). "What Investors Need to Know About Oil, Halliburton and Earnings". TheStreet.
  4. ^ "RealMoney". realmoney.thestreet.com. July 14, 2023.
  5. ^ SEITZ, PATRICK (March 9, 2015). "10 relics of the dot-com era trading well below their old highs". Investor's Business Daily.
  6. ^ Rewick, Jennifer L. (April 3, 2000). "TheStreet.com Stock Swoons As Financial Chief Departs". The Wall Street Journal.
  7. ^ Gamerman, Ellen (July 21, 2000). "Wall Street bullish on nation's future". The Baltimore Sun.
  8. ^ "TheStreet.com Guide to Smart Investing". TheStreet.com.
  9. ^ "Activist urges Cramer to sell TheStreet". Financial Times. December 4, 2014. Archived from the original on January 2, 2020. Retrieved October 12, 2019.((cite news)): CS1 maint: bot: original URL status unknown (link)
  10. ^ a b Potkewitz, Hilary (March 13, 2009). "Street.com CEO quits after Cramer's TV flameout". Crain Communications.
  11. ^ "William Inman Named Editor-in-Chief of TheStreet" (Press release). GlobeNewswire. March 14, 2012.
  12. ^ "Janet Lynne Guyon Appointed as Editor in Chief of TheStreet.com" (Press release). PR Newswire. April 24, 2014.
  13. ^ "TheStreet.com Posts Loss, Names Jim Cramer Board Chairman". TheStreet.com. October 29, 2008.
  14. ^ "TheStreet.com Appoints Daryl Otte New Chief Executive Officer" (Press release). Business Wire. May 19, 2009.
  15. ^ "TheStreet.com Names Daryl Otte CEO". TheStreet.com. May 19, 2009.
  16. ^ "Elisabeth DeMarse Named CEO and President of TheStreet" (Press release). PR Newswire. March 7, 2012.
  17. ^ Baron, Michael (March 7, 2012). "TheStreet Hires Elisabeth DeMarse as CEO". TheStreet.com.
  18. ^ "TheStreet.com Acquires Stockpickr.com" (Press release). Business Wire. April 25, 2007.
  19. ^ "TheStreet.com Acquires Corsis, Including Promotions.com" (Press release). Business Wire. August 2, 2007.
  20. ^ McAuley, Erin (December 19, 2012). "TheStreet Deals With SEC on Accounting Fraud". Courthouse News Service.
  21. ^ "TheStreet.com Acquires BankingMyWay and RateWatch to Provide Best Bank Rates Online" (Press release). Business Wire. November 2, 2007.
  22. ^ "TheStreet.com Invests in Geezeo". TheStreet.com. April 24, 2008.
  23. ^ "TheStreet buys mergers and acquisitions publication The Deal". Reuters. September 12, 2012. Retrieved February 15, 2023.
  24. ^ Baron, Michael (September 12, 2012). "TheStreet Acquires The Deal for $5.8 Million". Thestreet.com.
  25. ^ a b "TheStreet, Inc. Completes Sale of its Institutional Business" (Press release). PR Newswire. February 14, 2019.
  26. ^ "TheStreet Acquires The DealFlow Report, The Life Settlements Report and PrivateRaise Database" (Press release). PR Newswire. April 22, 2013.
  27. ^ "TheStreet Acquires DealFlow Media". TheStreet.com. April 22, 2013.
  28. ^ "TheStreet Completes Acquisition of BoardEx" (Press release). PR Newswire. November 3, 2014.
  29. ^ "TheStreet sells B2B business units to Euromoney for $87.3 million". Reuters. December 6, 2018. Retrieved February 15, 2023.
  30. ^ Yu, Roger (June 9, 2016). "USA TODAY editor Callaway leaving to become TheStreet CEO". USA Today.
  31. ^ "S&P Global to Acquire RateWatch" (Press release). PR Newswire. June 20, 2018.
  32. ^ "TheStreet Announces Sale of RateWatch to S&P Global for $33.5 million" (Press release). PR Newswire. June 20, 2018.
  33. ^ "TheStreet Closes $87 Million Sale of TheDeal and BoardEx". TheStreet.com. February 14, 2019.
  34. ^ "Maven Closes Acquisition of TheStreet, New Jim Cramer Deal Announced" (Press release). Business Wire. August 8, 2019.
  35. ^ "Jim Cramer and TheStreet Launch Bull Market Fantasy Channel on Maven" (Press release). Business Wire. August 22, 2019.
  36. ^ Syed, Moiz; Willis, Derek (July 7, 2020). "THESTREET, INC - Coronavirus Bailouts - ProPublica". ProPublica. Retrieved July 10, 2020.
  37. ^ Matt Townsend (July 7, 2020). "Owner of TheStreet, Site Founded by Jim Cramer, Taps Small-Business Loans". Washington Post. Retrieved July 10, 2020.
  38. ^ "Maven Rebrands as The Arena Group, Expanding Business Strategy Around Consumer Media Verticals Anchored by Flagship Brands". BusinessWire. September 20, 2021. Retrieved December 17, 2021.
  39. ^ "Form 10-K Thestreet, Inc. 10-K - Annual report - Period Ending In: 1999-12-31". Archived from the original on December 16, 2021. Retrieved December 16, 2021.
  40. ^ "Form 10-K Thestreet, Inc. 10-K - Annual report - Period Ending In: 2001-12-31". Archived from the original on December 16, 2021. Retrieved December 16, 2021.
  41. ^ "TheStreet.co.uk launches with major dotcom campaign". Campaign. February 15, 2000.
  42. ^ Matthew, Broersma (November 17, 2000). "TheStreet.co.uk shuts its doors". ZDnet.