TheStreet.com

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TheStreet, Inc.
TheStreet.com
Type Public
Traded as NASDAQTST
Founded 1996
Headquarters 14 Wall Street
New York City, New York, United States
Key people James Cramer, Co-Founder
Elisabeth DeMarse, Chairman and CEO
William Inman, Editor-in-Chief
Thomas Etergino, Chief Financial Officer
Stefan Chopin, Chief Technology Officer
Industry Broadcast media
Products Online publishing
Employees 300 (2010)
Website www.TheStreet.com

TheStreet, Inc., is an American financial news and services website founded by Jim Cramer and Martin Peretz.

History[edit]

TheStreet, Inc., (formerly, TheStreet.com, Inc.) was co-founded in 1996 by Jim Cramer and Martin Peretz. The company is headquartered at 14 Wall Street in New York City. Its stock went public in May 1999 under the direction of past Chairman and Chief Executive Officer Kevin English and former Chief Financial Officer Paul Kothari.[1][2]

Under the direction of Thomas J. Clarke, Jr., TheStreet.com's former chairman and CEO, the company reported its first annual profit in 2005. Jim Cramer became chairman in October 2008.[3] Daryl Otte, a long-time company director, became CEO in May 2009[4] after the resignation of the former CEO.[5] Otte is the founding partner of Montefiore Partners, a venture capital investment fund management firm, and a former executive at media company Ziff-Davis[6] On March 7, 2012 TheStreet.com announced that Elisabeth DeMarse was hired as CEO and president, replacing outgoing CEO Daryl Otte.[7]

Beginning as a single web site, TheStreet, Inc. expanded and now publishes consumer Web sites MainStreet.com, Stockpickr, and Bankingmyway.com. In addition to news and financial analysis, TheStreet, Inc. also provides subscription investor services like RealMoney RealMoney Pro, Breakout Stocks, Stocks Under $10, OptionsProfits, Chat on TheStreet, The Daily Swing Trade, Top Stocks, TheStreet Ratings [8] and Action Alerts Plus.[9]

In 2007, TheStreet bought Stockpickr.com,[10] Rate Watch and BankingMyWay.[11] In 2008, TheStreet.com purchased a 13 percent stake in Geezeo.com, the Boston-based online management tool, with an option to purchase the company.[12]

TheStreet's features include: The Five Dumbest Things on Wall Street This Week; Street Whispers, and The Digital Skeptic. Dave Kansas became editor-in-chief in April 1997. Kansas also opened a San Francisco bureau and sat on the board of TheStreet.[13] In July 2001, David J. Morrow, a former New York Times reporter, joined TheStreet as its editor-in-chief upon Kansas's departure. Glenn Hall, a former news manager at Freedom Communications (The Orange County Register) and Bloomberg News, replaced Morrow in August 2009.[4] William Inman, former Bloomberg News Editor, replaced Glenn Hall as Editor-in-Chief in March 2012. Jim Cramer remains one of the company's commentators.

While the TheStreet's most noteworthy personality is Jim Cramer, other contributors include Adam Feuerstein, and Doug Kass. Former contributors include Aaron Task, Alix Steel, Dave Kansas, Herb Greenberg, and Brett Arends. Investors have expressed concern for the company's heavy reliance on Jim Cramer according to investing columnist Henry Blodget.[14] Blodget argued that TheStreet "has diversified in recent years, and there's plenty of talent aboard." Cramer promotes TheStreet on his TV show Mad Money and is a main contributor to TheStreet.

In 2008, the Arizona Reporter Newswire alleged that TheStreet may have conflicts of interest relating to their subsidiary Promotions.com.[15]

The company launched several mobile applications.[16] The Blackberry version was mentioned as "Official Honoree" for the Mobile Applications category of the 2009 Webby awards,[17] got an honorable mention in the 2009 "Best of the Web" awards by Min online[18] and together with the iPhone version won the 2008 "Creative Use of Online" award by the Society of American Business Editors and Writers (SABEW).[19]

In September 2010 TheStreet launched a mobile website with content from their main site, thestreet.com.[20] In 1999, TheStreet's market value was $1.7bn. In 2014, the Nasdaq-listed company is worth less than $80m.[21]

Affiliates[edit]

MainStreet.com[edit]

MainStreet.com is an online financial magazine & news site by TheStreet.com, directed toward mainstream America and presupposing a very limited financial knowledge (unlike TheStreet.com). In addition to news, features and articles, Mainstreet.com features consumer reports and investing advice. Users who have trouble engaging with TheStreet.com, because of the terminology and assumed knowledge, tend to find MainStreet.com much more accessible, since it is written for the average layperson who does not have an in-depth understanding of Wall Street.[clarification needed][citation needed].[22]

StockPickr[edit]

StockPickr is a financial services site. It was one of the first sites to incorporate both investment ideas as well as social networking. This community, known as the Stock Idea Network, combines insight from professional investors as well as community members. Users are able to share, debate, and otherwise discuss information and ideas related to finance on the site's message boards, which are frequented by financial professionals.[23]

StockPickr was named one of Time.com's 50 best web sites in 2007. There are an estimated 150,000-plus user-generated portfolios, as well as portfolios of professional finance professionals on the site.[23]

BankingMyWay.com[edit]

BankingMyWay.com is a personal banking and investment site, focused on the individual's finances rather than investments.

The Deal[edit]

On September 12, TheStreet.com acquired The Deal LLC, a media company that covers mergers and acquisitions.[24]

DealFlow Media[edit]

On April 22, 2013, TheStreet Inc. acquired The DealFlow Report and The Life Settlements Report financial newsletters and the PrivateRaise database from DealFlow Media Inc. Financial terms were not disclosed. The DealFlow Report covers the microcap equity markets, including initial public offerings and private placements, while The Life Settlements Report focuses on life insurance settlements. The content of both newsletters will be made available to The Deal Pipeline subscribers. The target has 10 employees, half based in Petaluma, California, and the others in Woodbury, New York.

TheStreet to Acquire Management Diagnostics Ltd

(Management Diagnostics Ltd Parent of BoardEx India Private Ltd)[edit]

Management Diagnostics Ltd, also known as BoardEx, was originally registered in 1999 in the UK.[2] The company spent ₤2 million on a prototype of the service to show investors. The product was developed with the help of Professor David Norburn, head of Imperial College Management School, Professor Donald Hambrick from Columbia Business School, and Professor Brian Boyd of Arizona State University.[3] Boardex launched in 2001,[4] and marketing for the service began in April 2002.[5] An office in the United States was opened in early 2003.[4] In May 2003, the Financial News said that "BoardEx is well placed to become a commanding force in the world's boardrooms."[4] BoardEx received a boost in clients after the Higgs review on the effectiveness of non-executive directors was released in the UK.[4] [5] The company was privately funded until mid 2008 when Goldman Sachs took a minority interest.

BoardEx is a business intelligence service used as a new business development tool and as a source for academic research concerning corporate governance and boardroom processes. BoardEx holds in-depth profiles of over 400,000 of the world's business leaders and its proprietary software shows the relationships between and among these individuals. This information is updated daily. Its Relationship Capital Management platform can be sited behind a client's firewall, giving complete security. BoardEx is a subscription-based service[1] established originally in 2001 by Management Diagnostics Ltd in the UK that has since grown to North America and Asia.

See also[edit]

References[edit]

  1. ^ O'Connell, Brian (1999-08-01). "Heard it on TheStreet.com". Retrieved 2011-08-09. 
  2. ^ Gamerman, Ellen (2000-07-21). "Wall Street bullish on nation's future". Retrieved 2011-08-09. 
  3. ^ Kawamoto, Dawn (2008-10-30). "TheStreet.com names Jim Cramer chairman | Business Tech – CNET News". News.cnet.com. Retrieved 2010-05-27. 
  4. ^ a b "Investor Relations, Financial Investments, Earnings & Estimates | The Leading Financial Media Company". TheStreet.com. Retrieved 2010-05-27. 
  5. ^ "Street.com CEO quits after Cramer’s TV flameout – Crain's New York Business". Crainsnewyork.com. 2009-03-13. Retrieved 2010-05-27. 
  6. ^ By TSC Staff (2009-05-19). "Names Daryl Otte CEO | Media | Financial Articles & Investing News". TheStreet.com. Retrieved 2010-05-27. 
  7. ^ Baron, Michael [1], "TheStreet.com", March 7, 2012 accessed March 8, 2012.
  8. ^ "TheStreet". TheStreet. Retrieved 2010-05-27. 
  9. ^ "TheStreet.com". Secure2.thestreet.com. Retrieved 2013-03-13. 
  10. ^ "TheStreet.com Acquires Stockpickr.com". Business Wire. 2007-04-25. Retrieved 2010-05-27. 
  11. ^ "TheStreet.com Acquires BankingMyWay and RateWatch to Provide Best Bank Rates Online. – Business Wire | HighBeam Research: Online Press Releases". Highbeam.com. 2007-11-02. Retrieved 2010-05-27. 
  12. ^ "Geezeo Takes Investment From TheStreet.com With Option To Buy" April 24, 2008.
  13. ^ "TheStreet.com Guide to Smart Investing"
  14. ^ "For Sale: TheStreet.com" September 11, 2007.
  15. ^ "Jim Cramer... Inside Rumors?" June 12, 2008.
  16. ^ By Bill McCandless (2008-09-30). "BlackBerry App: TheStreet.com Goes Mobile | Market Features | Financial Articles & Investing News". TheStreet.com. Retrieved 2010-05-27. 
  17. ^ By TSC Staff (2009-04-14). "Mobile Honored by Webby Awards | Market Features | Financial Articles & Investing News". TheStreet.com. Retrieved 2010-05-27. 
  18. ^ "Best of the Web: Mobile Application". MinOnline. Retrieved 2013-03-13. 
  19. ^ Ogasawara, Todd (2009-03-25). "Congratulations to TheStreet.com: SABEW Winner for Creative Use of Online – TheStreet.com Mobile App – mediabistro.com: MobileContentToday". mediabistro.com. Retrieved 2010-05-27. 
  20. ^ Business Wire (2010-09-20). "TheStreet Launches TheStreet.mobi". Business Wire. Retrieved 2010-09-24. 
  21. ^ Financial Times (2014-12-04). "Activist urges Cramer to sell TheStreet". Financial Times. Retrieved 2014-12-04. (subscription required (help)). 
  22. ^ http://www.faqs.org/websites/mainstreet.com[dead link]
  23. ^ a b "About Stockpickr – Stockpickr! Your Source for Stock Ideas". Stockpickr.com. Retrieved 2010-05-27. 
  24. ^ "TheStreet Acquires The Deal for $5.8 Million". TheStreet.com. 

External links[edit]