Deal for TheStreet closes, Cramer to continue
Maven closed its acquisition of TheStreet Inc. on Thursday for $16.5 million in cash.
As part of the closing, Maven and TheStreet co-founder Jim Cramer announced a new partnership between TheStreet and Cramer Digital, a new production company featuring the digital rights and content created by Cramer and his team.
The partnership will allow Cramer to continue his subscription and content offerings, under his editorial control.
“TheStreet and Jim Cramer represent a pinnacle in market-leading financial insight,” said Maven CEO James Heckman in a statement. “Their addition to Maven’s premium media coalition highlights the strategic momentum we’re building and adds another flagship to our portfolio of major media brands and nine-figure user scale.
Maven’s new Sports Illustrated expert fantasy team will also partner with Cramer Digital on a new subscription product to be distributed on TheStreet.
“I am truly excited about continuing and expanding my role with TheStreet,” Cramer said. “It has been an important part of my life since I founded it more than 20 years ago and I am ‘bullish’ about the opportunity to expand Cramer Digital’s offerings and reach with Maven in the years ahead.”
TheStreet’s senior management is also planning to continue with Maven.