*TheStreet.com Prunes Staff, Shuts UK Venture

Share this content:
TheStreet.com, a provider of financial news and commentary, will cut its work force by 20 percent, close its United Kingdom operations and "wind down" its joint-venture newsroom with The New York Times later this month, the Internet company said yesterday.

"In today's environment, companies have two clear choices: chart a direct path to profitability or shut down," Thomas J. Clarke, TheStreet's CEO, said in a statement. "We're in this for the long haul."

The New York-based company will reduce its staff in the United States by about 40 employees.

TheStreet's UK operations would have run out of money by year's end, according to the statement. TheStreet owns 63 percent of www.thestreet.co.uk, which made up for $9 million of TheStreet's consolidated net losses in the first nine months this year.

Additionally, TheStreet reached an agreement with The New York Times to cease operations of a joint newsroom by the end of November. The New York Times owns a 5.7 percent minority interest in TheStreet.

TheStreet's announcement is the latest in a long line of dot-com companies that have had to reduce their staffs or shut down entirely.

Next Article in Digital Marketing

Sign up to our newsletters

Company of the Week

Brightcove is the world's leading video platform. The most innovative and respected brands confidently rely on Brightcove to solve their most demanding communication challenges because of the unmatched performance and flexibility of our platform, our global scale and reliability, and our award-winning service. With thousands of customers and an industry-leading suite of cloud video products, Brightcove enables customers to drive compelling business results.

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above