Technology Crossover Ventures, an investment firm that provides capital to late-stage private and public companies, has agreed to purchase a minority stake in business news Web site TheStreet.com to help pay for its expansion strategy, according to a short story on the Web site.
The story stated, “The investment of $55 million represents the purchase of preferred stock and warrants to buy common stock. The preferred stock converts into common stock at $14.26 a share. The five-year warrants permit TCV to purchase approximately 1.1 million common shares of TheStreet.com at an exercise price of $15.686, or a premium of 10%.
“Additionally, Jay Hoag, founding general partner of TCV, will join TheStreet.com’s board.
“‘TCV is one of the largest private equity and venture capital firms, with a strong reputation and history of success,’ said Tom Clarke, chairman and CEO of TheStreet.com. ‘Our alignment with TCV is a clear indicator of our intention to aggressively move forward with our expansion plans as a leading player in the online financial media sector.'”
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