Investor vows to shake up TheStreet.com
Activist investor Spear Point, after failing to persuade TheStreet.com to force Jim Cramer to write exclusively for the website, vowed Tuesday to continue the fight to shake up the company.
Josh Kosman of The New York Post writes, “Ron Bienvenu, CEO of the activist hedge fund, told The Post he is considering a proxy fight for two seats on the board.
“Spear Point wanted TheStreet to force Cramer to choose between his CNBC gig and writing for the site and its newsletters.
“Last month, Cramer, who sits on TheStreet’s board, signed a new four-year contract that will pay him $2.8 million a year, up from his current $1.5 million, according to a regulatory filing.
“TheStreet is also paying him a $3 million signing bonus spread over four years.”
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