Kelly writes, “Tronc had looked at TheStreet in the past, sources said, but Cramer’s 22-year-old operation was struggling at the time. TheStreet, in fact, was warned by Nasdaq in late 2016 that its stock could be delisted since its shares had traded below $1 for more than 30 days in a row.
“In addition, the last time Tronc came kicking the tires, TheStreet still had a prohibitively expensive block of $55 million in preferred stock from Technology Crossover Partners on its books.
“TCP in November 2017 converted its holdings to about $20 million in cash and 6 million shares of common stock, removing that big hurdle to any potential takeover.
“‘On the heels of announcing a majority investment in BestReviews.com, the Tronc execs are actively eyeing one high-profile business site and looking at several other potential buys,’ said Ken Doctor in his influential newsletter, Newsonomics. He declined to name the business site — but others were quick to point to TheStreet as the potential target.”
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