Maven (TheMaven, Inc.) (OTC: MVEN) (maven.io)
announced TheStreet, Inc. (Nasdaq: TST) (www.t.st)
has agreed to be acquired by Maven. A subsidiary of Maven will acquire
all of the outstanding common shares of TheStreet for $16.5 million in
cash. The transaction is funded through debt financing fully committed
by a subsidiary of B Riley Financial, Inc. (Nasdaq: RILY).
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This marks Maven’s third acquisition in the last year, advancing its
ongoing mission to empower the growing coalition of independent media
partners on Maven’s digital distribution and monetization platform which
today reaches more than 100 million consumers worldwide.
“This is an important milestone for Maven’s growth strategy,” said Maven
CEO James Heckman. “The entire team at TheStreet have built a powerful
and important voice delivering market-leading financial insights. By
combining our reach, technology, platform and monetization capabilities,
we can help amplify their amazing work.”
Joining household brands such as History, Maxim, Yoga Journal, and Ski
Magazine, TheStreet’s acquisition is intended to boost Maven’s growing
finance network with recognized analysts, premium content, thousands of
subscribers, and the industry branding power to facilitate better
monetization and distribution for all maven partners.
TheStreet will form the core of a finance vertical that will combine
with Maven’s other strategic finance partners operating hyper-focused
category destinations, such as long and short equities, bonds,
commodities, crypto, macro, taxes, retirement, cybersecurity, and more.
TheStreet brings its 20-year editorial tradition, strong subscription
platform and valuable membership base to Maven, and will benefit from
Maven’s mobile-friendly CMS, social and monetization technology.
Eric Lundberg, CEO and CFO of TheStreet, said, “We’re excited to join
the Maven family and its coalition of over 270 independent publishers.
We’ve seen the power of the Maven platform and are pleased to bring new
capabilities to our readers, and our great content to Maven’s existing
audience. Together, that kind of scale provides critical mass to propel
our growth.”
The combined companies are expected to profitably generate more than $50
million in revenue over the next four quarters. The transaction is
expected to close in the third quarter.
About Maven
Maven
(maven.io) is a coalition of Mavens, from individual thought-leaders to
world-leading independent publishers, operating on a shared digital
publishing, advertising, and distribution platform and unified under a
single media brand. Based in Seattle, Maven is publicly traded under the
ticker symbol MVEN.
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.
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 planned
investments in our business and expectations for 2019. 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, economic downturns and the general state of the economy,
including the financial markets and mergers and acquisitions
environment; our ability to drive revenue, and increase or retain
current advertising and 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.
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