*TheStreet.com Prunes Staff, Shuts UK Venture

Share this article:
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.
Share this article:
You must be a registered member of Direct Marketing News to post a comment.

Next Article in Digital Marketing

Follow us on Twitter @dmnews

Latest Jobs:

Featured Listings

More in Digital Marketing

How Amazon Ads Might Change the Game

How Amazon Ads Might Change the Game

Will the Great Recommender introduce "pretargeting" to the menu? Is it destined to become the King of Conversion? Or will its ad business simply settle in between Google's and Facebook's?

Less Than Half of Marketers Say the C-Suite "Gets" Digital

Less Than Half of Marketers Say the C-Suite ...

The long road to digital marketing leadership starts with organizational alignment, a study finds.

Candidates Hook Into Twitter

Candidates Hook Into Twitter

A digital agency for politicians puts the power of presidential electioneering into the hands of Congressional campaigns.