interactive.wsj.com
October 6, 2000
Fox News Settles Legal Dispute
With TheStreet.com, Cramer
By BRIAN STEINBERG
Dow Jones Newswires
NEW YORK -- Fox News settled its lawsuit against TheStreet.com Inc.
and company founder James Cramer, ending a spat between the television
news network and the online news provider.
In May, Fox sued TheStreet.com and Mr. Cramer for breach of contract
after TheStreet pulled its weekend show from Fox. The show was yanked
after a Fox executive criticized Mr. Cramer for calling TheStreet's stock a
good buy on the show.
Under the terms of the settlements,
TheStreet.com will direct $10,000 to the Eric
Breindel Foundation in the name of Fox News.
Mr. Cramer will also give an unspecified sum.
TheStreet.com agreed to not produce a television program before May 1,
2001 that is similar to a "TheStreet.com" business program that ran on Fox
News Channel earlier this year.
Mr. Cramer will also be allowed to return to the airwaves. Between Nov. 1,
2000 and April 30, 2001, Mr. Cramer may appear occasionally on certain
Fox News programs, at the discretion of executives at the cable operation.
He is also free to appear occasionally on other networks during that period.
Beginning in May, there will be no limitations on Mr. Cramer's appearances.
The dispute between the parties began in April of this year when Mr.
Cramer discussed his opinion of TheStreet.com stock on the company's
branded TV program, which formerly ran Sunday mornings on the Fox
News Channel.
The cable station's parent, News Corp., owns a minority stake in
TheStreet.com.
While Mr. Cramer did disclose his ownership interest in TheStreet.com
during the program in question, he did not give the program's producer
advance notice of his intention to make a prediction about his own company.
In a press release Friday, Mr. Cramer was said to have acknowledged that
notifying the producer would have been of help.
In a prepared statement Friday, Mr. Cramer said he was "pleased" with the
settlement. He added: "Fox News Channel has become a major force in
business news programming and I will continue to abide by its journalistic
standards on any future appearances."
Write to Brian Steinberg at brian.steinberg@dowjones.com
KJC |
