Is this what Cramer is Smelling?
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Tuesday May 23 9:58 AM ET
Fox Sues TheStreet.com Over Axing TV Show
NEW YORK (Reuters) - Fox News Network, the 24-hour news channel, has sued TheStreet.com Inc.
(NasdaqNM:TSCM - news) and its co-founder, hedge fund manager James Cramer, for breach of contract,
following the financial Web site's decision to cancel its television program that airs on Fox.
Fox filed suit on Monday in state Supreme Court in New York, Fox said late Monday. The two are quarreling
after Fox criticizing Cramer for plugging TheStreet.com's stock on the program, and theStreet.com said it would
discontinue the program.
A spokesman from TheStreet.com was not immediately available for comment on the suit.
Fox News is seeking unspecified damages from both parties, and wants an injunction to bar Cramer from
appearing on any other TV network until his contract expires on Sept. 13, 2002.
The injunction against TheStreet.com would prevent the company from shopping
the show to other networks.
Fox is also seeking an order requiring TheStreet.com to continue to do the TV
show through May 7, 2001.
``TheStreet.com's announcement to end the show after this upcoming weekend's program is in violation of their
contract that states it must produce shows for Fox News Channel through May 7, 2001,'' Fox said in a
statement. Cramer breached his contract when he failed to appear for last week's show, Fox alleged.
In a statement last week, TheStreet.com said Fox's criticism of Cramer and its view that it was ``inappropriate''
for him to make comments about a stock he owned on the show is contradictory.
In the statement, TheStreet.com Chief Executive Thomas Clarke said Fox had final editorial content over the
show and the show often has guests that talk about stocks in which they have positions.
Fox is operated by FOX Entertainment Group Inc. (NYSE:FOX - news), which is controlled by Rupert
Murdoch's News Corp. Ltd. (NCP.AX) (NYSE:NWS - news).
Shares of TheStreet.com was unchanged at 6 9/16 on Tuesday on Nasdaq, while Fox fell 1/2 to 25-3/8 on the
New York Stock Exchange. |
