TheStreet.com is being sold to The Maven for $16.5 million
Financial news site TheStreet.com has agreed to a deal where it will be acquired by The Maven Inc. for $16.5 million.
The Maven is a group of media brands operating on a shared digital publishing, advertising, and distribution platform. Based in Seattle, Maven is publicly traded.
“This is a good outcome for TheStreet’s shareholders,” said Chief Executive Officer Eric Lundberg in a statement. “For over a year we have had a strategic committee comprised entirely of independent directors tasked with evaluating strategic alternatives for the business with the assistance of a financial advisor.”
The deal is expected to close in the third quarter. It’s Maven’s third acquisition in the past year.
Some of Maven’s other brands that it works with include History, Maxim, Yoga Journal and Ski Magazine. It also runs websites focused on college and professional sports teams.
“This is an important milestone for Maven’s growth strategy,” said Maven CEO James Heckman in a statement. “The entire team at TheStreet have built a powerful and important voice delivering market-leading financial insights. By combining our reach, technology, platform and monetization capabilities, we can help amplify their amazing work.”
Earlier this year, the company sold its institutional business units, The Deal and BoardEx, for $87.3 million to Euromoney Institutional Investor PLC.
TheStreet launched in 1996 and went public in 1999. It once had a market capitalization of $1.7 billion.
The operation has struggled to report profits in recent years. Its stock closed Tuesday at $5.68 and recently underwent a reverse stock split.
The Maven stock closed Tuesday at 42 cents.