(Reuters) – Financial news provider TheStreet Inc (TST.O) on Thursday said it will sell its B2B business units, The Deal and BoardEx, to London-based Euromoney Institutional Investor Plc (ERM.L) for $87.3 million, as it explores wider options for the company.
TheStreet was co-founded in 1996 by Jim Cramer, a commentator on CNBC and the host of its Mad Money show.
Chief Executive Officer David Callaway will resign from the company after the completion of the transaction, it said in a statement.
Chief Financial Officer Eric Lundberg will assume the additional role of CEO, the company said. Margaret de Luna, currently the president of its consumer business, will assume the role of president and chief operating officer.
“I have full confidence in Eric and Margaret’s ability to manage the consumer business on a standalone basis and I look forward to continuing to build upon our recent success while the board explores strategic opportunities for the company,” co-founder and director Jim Cramer said in the statement.
The company had acquired mergers and acquisitions publication The Deal in 2012 and executive profile database platform BoardEx in 2014.
TheStreet said its board approved the Euromoney deal.
Moelis & Co LLC advised TheStreet on the transaction.
Reporting by Shubham Kalia in Bengaluru; Editing by Gopakumar Warrier