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TheStreet.com launching UK site
Private backers take minority stake for $17 million
By Tom Bemis, CBS MarketWatch
Last Update: 6:12 PM ET Sep 11, 1999
NewsWatch
NEW YORK (CBS.MW) -- TheStreet.com said it is forming a unit to
offer financial news and commentary in the United Kingdom similar to its
U.S. financial news site.
The company (TSCM: news, msgs) said it expects
to launch TheStreet.co.uk in early 2000.
Chase Capital Partners, Barclays Private Equity,
ETF Group and 3i will receive a minority stake in the
venture in return for $17 million in backing, the
company said.
"Investors in the US and the UK are separated by
thousands of miles, but they share the same
information needs," said Kevin W. English, chairman
and chief executive officer of TheStreet.com Inc. in
a statement.
English named Claudia Jay, the former head of
product development for the Financial Times
newspaper's FT.com website, as managing director
of TheStreet.co.uk.
Martin Baker, an associate editor of "Sunday
Business" was names editor in chief.
Shares of TheStreet.com rose 1 3/4 to 19 3/4 Friday.
TheStreet.com, which sells subscriptions to its
services, said it currently has "almost 90,000
subscribers, up from approximately 66,000 on June. 30."
The New York Times (NYT: news, msgs) holds a minority stake in
TheStreet.com.
The site competes against MarketWatch.com (MKTW: news, msgs), the
publisher of this website. |
