Leading digital financial media company, TheStreet, announced that it has acquired The Deal LLC from Wasserstein & Co. Founded in 1999, The Deal LLC is a digital subscription platform that delivers coverage of the deal economy through The Deal Pipeline. The Deal Pipeline provides full access to 100-plus pieces of proprietary commentary, analysis, and data every day and can be customized based on each client's job function, deal focus, and workflow and delivered straight to a mobile device or existing corporate platform.
The Deal's and TheStreet's content-creation and market resources will be leveraged to create new revenue opportunities, specifically, The Street's buy-side newsroom content will be incorporated into The Deal Pipeline to accelerate sales to hedge funds. Similarly, TheStreet's Chat-on-the-Street product will be added to the product set sold by The Deal's enterprise sales force, and The Deal Pipeline will be marketed across the entire network of The Street, creating a substantial increase in qualified leads. These strategic and operational opportunities, when added to significant corporate synergies, will be accretive to TheStreet's consolidated adjusted EBITDA.
TheStreet's CEO, Elisabeth DeMarse, remarked, "This is a terrific combination that grows the most profitable portion of our business, subscription revenues. The Deal is a prominent and well-respected brand that the market will intuitively associate with TheStreet, creating new revenue opportunities for both businesses at minimal incremental cost."
"This combination will build upon our digital strategy and is a great opportunity to move the business forward to better serve customers," Kevin Worth, CEO of The Deal, added.
Acquiring The Deal will advance TheStreet's strategic objectives by increasing both subscribers and content. The Deal's marquee customer base of 40,000 professionals includes senior-level bankers, law firm partners, private equity partners, and hedge fund notable. This fact alone provides substantial predictable recurring revenue with high renewals and attractive margins.
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