News. The Maven, of Seattle in the US, has agreed to acquire TheStreet Inc for a total price of some $34m – some 2% of the financial media company’s peak value. Both are listed companies. The Maven provides a digital distribution platform for a coalition of over 270 media providers. The news and media platform is claimed to reach 100m consumers globally. TheStreet – which was founded by American television personality, former hedge fund manager, and best-selling author Jim Cramer who is the host of CNBC’s Mad Money programme – has developed a strong financial news presence which can now reach a wider audience via The Maven platform. In December, TheStreet sold its B2B business units, The Deal and BoardEx, to London-based Euromoney Institutional Investor Plc for $87.3m.
It will now join other brands such as History, Ski Magazine and Maxim on The Maven and will provide the core of a finance vertical. This marks Maven’s third acquisition in the last year. It acquired HubPages and Say Media in 2018. The Street was launched in 1996 and listed in 1997, at one point reaching a market cap of $1.7bn. But, in more recent years, profitability has been challenging, to say the least. It has been loss-making for much of the last two years. TheStreet is expected to generate $50m revenue for The Maven over the next 12 months.
