The investor who owns 8.9 percent of TheStreet.com and who wants co-founder Jim Cramer to either sell the financial news service or quit his job at CNBC to focus on TheStreet downplayed his letter to Cramer, reports Ed Hammond of The Financial Times.
Hammond writes, “However, the activist said on Thursday that his preferred option would be for Mr Cramer to quit his TV presenting job at CNBC and focus his ‘considerable energies’ on boosting TheStreet’s subscription.
“‘You cannot play lacrosse, football, basketball and water polo in the same season; you have to choose one,’ he said. ‘He needs to align his considerable potentiality with that of the company he founded. This is his baby and it would benefit if he made his showmanship, his buffoonery and his intellectual property exclusive to TheStreet,’ he added.
“The letter, published by Mr Cannell’s hedge fund, Cannell Capital, triggered a flurry of news stories, in part because Mr Cramer is himself a high profile financial journalist. He has become increasingly famous for his role on Mad Money, a 60-minute programme in which a hyper-energised Mr Cramer intersperses investment tips with game-show style phone-ins.
“But even as Mr Cramer’s personal fame has soared, TheStreet has been overtaken by rival financial news services The Motley Fool and Stansberry & Associates Investment Research, both of which have more subscribers.”
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