A high-profile financial news company founded by a CNBC anchor has been sold. The New York Post reports that The Street, which was started by “Mad Money” host Jim Cramer, agreed to sell its last remaining piece to The Maven, a publicly traded platform for online magazines, for $16.5 million.
The Post says it’s doubtful that Cramer will remain with the company.
“He’s been pulling in a hefty pay package in the $3 million-a-year range, a painful bite for a financial site that has struggled to find its footing in the viciously competitive market for business news,” The Post reports, adding: “Cramer gave notice of termination of his employment agreement earlier this week and now has 30 days in which to either walk or come to a new agreement.”
The report adds: “The Maven is headed by digital entrepreneur Jim Heckman, a founder of Scout and former top executive at Yahoo. It is primarily a digital distribution and tech platform that is used by 270 small to mid-size brands including History, Maxim, Yoga Journal, Ski magazine and others that combined reach about 100 million consumers.”