TheStreet makes a deal for The Deal for $5.8M
NEW YORK (AP) — Online business news provider TheStreet Inc. said on Wednesday it has acquired The Deal LLC for $5.8 million.
TheStreet said adding The Deal brings in a customer base of 40,000 professionals, including bankers, lawyers, and private equity partners.
The Deal has "substantial predictable recurring revenue with high renewals and attractive margins and has continued to grow despite the deep cyclical downturn in the M&A market," TheStreet said in announcing the purchase.
News from the two companies will be used to enhance the offerings for both, TheStreet said.
The Deal has its origins in The Daily Deal newspaper, founded in 1999. Since then it has shifted to digital subscriptions. Shares of TheStreet Inc. were off a penny to $1.39 in afternoon trading.