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The Street.com hits Street
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February 23, 1999: 5:13 p.m. ET
Online financial news service files for public offering valued at up to $75M
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NEW YORK (CNNfn) - Online financial- news service TheStreet.com Inc. filed a registration statement Tuesday for an initial public offering of common stock valued at up to $75 million.
TheStreet.com was founded in 1996 by James Cramer, a hedge fund manager and financial writer, and Martin Peretz, editor-in-chief of the New Republic magazine.
The site has about 37,000 subscribers, who pay a fee to access most of the contents.
According to the registration statement filed with the U.S. Securities and Exchange Commission, the company has yet to turn a profit and expects further losses in 1999 and "subsequent fiscal periods."
The announcement came one day after the New York Times Co. (NYT), publisher of the New York Times and Boston Globe newspapers, said it had agreed to invest $15 million in the company in exchange for an equity state. The Times Co. said it would explore further strategic partnerships with TheStreet.com.
TheStreet.com is based in New York and has a bureau in San Francisco. It has 50 journalists and two dozen outside contributors.
Goldman, Sachs & Co. will act as lead underwriter of the offering, along with Hambrecht & Quist and Thomas Weisel Partners LLC.
The offering would capitalize on the enthusiasm investors have shown for Internet-related IPOs and their hunger for financial information -- a winning combination previously seen in the IPO for Marketwatch.com (MKTW).
--From staff and wire reports
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