NEW YORK, Feb. 14, 2019 /PRNewswire/ -- TheStreet,
Inc. (Nasdaq: TST), a leading financial news and information
company, today announced it has completed the sale of its
institutional business units, The Deal and BoardEx, to Euromoney
Institutional Investor PLC ("Euromoney"). The sale, which was
initially announced on December 6,
2018, was approved by TheStreet's stockholders on
February 12, 2019.
As previously announced and in connection with the closing of
the sale, TheStreet will now be led by Eric
Lundberg as Chief Executive Officer, who will also continue
his role as Chief Financial Officer. Mr. Lundberg will also join
the Company's Board of Directors, effective immediately.
Margaret de Luna, who has served as
President of TheStreet's consumer business, will assume her new
role of President and Chief Operating Officer of the Company,
effective immediately.
The Company continues to expect that a substantial portion of
the net proceeds from the sale, along with a portion of its current
cash on hand, will be distributed to TheStreet's stockholders. The
Board is evaluating the various ways to complete this distribution,
including, among other factors, the timing and amount of such
distribution.
"Completing the sale of our institutional business is a
meaningful milestone for TheStreet and we wish our colleagues
continued success with Euromoney," commented Eric Lundberg, Chief Executive Officer and Chief
Financial Officer of TheStreet. "We look forward to this next phase
of TheStreet's evolution as we deepen our focus on our consumer
business and strive to maximize value for stockholders."
About TheStreet, Inc.
TheStreet, Inc. (NASDAQ: TST, www.t.st) is a leading
financial news and information provider to investors and
institutions worldwide. The Company's flagship
brand, TheStreet (www.thestreet.com), has produced
unbiased business news and market analysis for individual investors
for more than 20 years.
About Euromoney Institutional Investor PLC
Euromoney is a global, multi-brand information business which
provides critical data, price reporting, insight, analysis and
must-attend events to financial services, commodities, telecoms and
legal markets. Euromoney is listed on the London Stock
Exchange and is a member of the FTSE 250 share index.
www.euromoneyplc.com
Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements as that term
is defined in the Private Securities Litigation Reform Act of 1995.
These forward-looking statements include statements regarding our
planned distribution to stockholders and our ongoing consumer
business. Such forward-looking statements are subject to risks
and uncertainties, including those described in the Company's
filings with the Securities and Exchange Commission("SEC")
that could cause actual results to differ materially from those
reflected in the forward-looking statements. Factors that
might contribute to such differences include, among others, a
review of our ongoing uses of capital and plans for our consumer
business, economic downturns and the general state of the economy,
including the financial markets; our ability to drive revenue, and
increase or retain current consumer subscription revenue; our
ability to develop new products; competition and other factors set
forth in our filings with the SEC, which are available on
the SEC's website at www.sec.gov. All
forward-looking statements contained herein are made as of the date
of this press release. Although the Company believes that the
expectations reflected in the forward-looking statements are
reasonable, the Company cannot guarantee future results or
occurrences. The Company disclaims any obligation to update these
forward-looking statements, whether as a result of new information,
future developments or otherwise.
Contact: Kate Beers, Brunswick Group,
212-333-3810, TheStreet at brunswickgroup.com
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SOURCE TheStreet, Inc.