Tag Archives: TheStreet.com
Update on TheStreet.com
by Chris Roush
Later this evening TheStreet.com CEO Elisabeth DeMarse and editor in chief Bill Inman will meet with investors and others at The W Hotel in New York to discuss the financial new website’s latest accomplishments and future aspirations.
Talking Biz News asked Inman for an update on what’s happening on the editorial side since he took over in April. Here is what he told us:
Several elements have been put in place.
- We recruited a bunch of hungry, talented outside contributors who are hammering out great stories.
- We’ve increased the number of active blogs, now averaging one to two a week. These have brought in story leads and kicked up page views—in the case of Apple and Faceblook blogs, several tens of thousands each.
- We’re exploring edgier pieces that allow readers to read markets better, anticipate the news. The stories are called Street Whispers.
- We’re also honing our social media skills, focused on Linked-in, FB and Twitter. Here’s a fine story on hedge funds and the price of corn. And here’s the great tweet that resulted: “Cracked corn; hedge funds don’t care”
So we’ve made solid progress. Long way to go.
TheStreet.com suspends dividend as it reports loss
by Chris Roush
TheStreet.com said it will suspend its third-quarter dividend as the online financial news company looks to cut costs and also reported its second-quarter loss widened slightly as revenue fell.
Nathalie Tadena of Dow Jones Newswires writes, “TheStreet said the dividend suspension will result in quarterly savings of about $900,000. Chairman and Chief Executive Elisabeth DeMarse said the company made ‘great progress’ on the expense side of the business, but noted the macroeconomic environment continues to challenge revenue. The company’s revenue also declined in the prior two periods.
“TheStreet is unusual in the online-news world because it began charging readers for content when it launched in 1996 and has stuck with that strategy while most other news sites focused on free models supported by advertising. The company generates most of its revenue from subscribers, who pay for stock-picking advice and other financial information.
“Subscription services revenue fell 12% in the latest period, while media revenue slumped 27%.
“For the latest period, TheStreet reported a loss of $1.9 million, or six cents a share, compared with a year-earlier loss of $1.7 million, or five cents a share. The latest period included a $1.3 million restructuring change and a $200,000 gain on the disposition of assets. Revenue fell 17% to $12.5 million.”
Read more here.
Former TheStreet.com editor Hall to join The Blaze as managing editor
by Chris Roush
TALKING BIZ NEWS EXCLUSIVE
Glenn Hall, who was ousted as editor in chief of TheStreet.com earlier this year, has been named managing editor of The Blaze.
In his new role, Hall will oversee the day to day management and long term editorial planning of TheBlaze.com‘s editors and writers. He starts July 11. Scott Baker is continuing in his role as editor in chief.
In an e-mail to Talking Biz News, Hall said, “Thus begins a new chapter in my career as I take my digital entrepreneurship and journalistic experience to a broader area of coverage at one of the fastest growing new media businesses in America.
“It’s an exciting opportunity as The Blaze prepares to ramp up its original content and establish itself as a media force in the upcoming presidential election. We also will be building out our business coverage with a new approach to covering the economy, markets and companies. “
The site is owned by Mercury Radio Arts, which was founded by radio and TV personality Glenn Beck.
Hall was ousted from TheStreet.com in March. He had joined the financial news site in June 2008 after working for the Orange County Register as its business editor and was later its deputy editor for innovation.
He previously spent a decade at Bloomberg News, where he held positions such as government team leader and Amsterdam bureau chief.
Hall is also a board member of the Society of American Business Editors and Writers and a judge of the Gerald Loeb Awards for the past seven years.
Biz journalists don’t understand Facebook IPO
by Chris Roush
TheStreet.com’s Marek Fuchs talks Monday about how the business media bought into the hype regarding the Facebook initial public offering.
TheStreet.com “in turmoil,” says Cramer
by Chris Roush
Financial news site TheStreet.com is in turmoil, says company co-founder Jim Cramer, in comments posted on FutureofCapitalism.com about his career in journalism.
FutureofCapitalism writes, “A job at the Los Angeles Herald-Examiner was an upgrade in pay — to $179 a week — but not in circumstances. His editor assigned him to try to get an interview with the ‘San Diego Sniper’ while the serial killer was still shooting. It was then that he wound up living in his 1977 Ford Fairmont. ‘Someone was murdered a few cars down from me in my parking lot home,’ Mr. Cramer recalled. On the upside, he did not need homeowner’s insurance, ‘because my collision and theft covered everything.’
“Things have since turned upward for Mr. Cramer. ‘I love my job,’ he said, advising young journalists: ‘You need the Nielsens, you need the page views, you need the showbiz.’
“‘On Monday, go register yourname.com,’ he said. ‘If you believe, as I do, that journalism is indeed commerce, you might as well own yourself.’
“In addition to his work at CNBC, Mr. Cramer also works at thestreet.com, which he described as ‘really in turmoil.’ Although he said ‘the web won’ over television, he said the web-based journalism business is tough. ‘Every year your ad rates go down,’ he said.”
Read more here. TheStreet.com has named a new CEO and a new editor in chief in the past two months.
Changes at TheStreet.com beginning under new editor Inman
by Chris Roush
TALKING BIZ NEWS EXCLUSIVE
William Inman was named the editor in chief of TheStreet.com, replacing Glenn Hall in a move shortly after the financial news and information company also hired a new chief executive officer.
Inman had resigned as editor of Institutional Investor in January. He joined the publication in March 2009.
Before that, he spent 17-plus years at Bloomberg News, where he created a content publishing unit — eventually including magazines, books, and a public website.
He had been a reporter for United Press International, where he was nominated for Pulitzer prizes for stories on organized crime, Russian import/export corruption and Pentagon contract abuses. He was also once North American editor of Business magazine, a joint venture between Conde Nast and the Financial Times.
Inman spoke Thursday by e-mail with Talking Biz News about his plans for the editorial side of TheStreet.com. What follows is an edited transcript.
Why did you accept the job as editor in chief of TheStreet.com?
It has a great brand and editorial tradition, with some obvious areas that could be improved.
As an outsider, what did you perceive as its editorial strengths?
Its core coverage – stock picking, plus some notable category strengths, among these gold, biotech, emerging markets, technology.
What were its weaknesses?
IMHO it lost the markets focus that was a founding mandate 15 years ago. Somehow the line got blurred about what constituted good investment coverage. Previously, for instance, we posted stories on luxury travel and brands of whiskey, even celebrities at play.
Clearly some of these were driven purely by advertising, but the shift in focus did a disservice IMO to our traditional reader – the non-professional individual investor. So we have returned to our roots in a sense … I also felt there was a tendency toward compartmentalization that hurt coverage.
Previously, for instance, there was a small team in Boston that handled ALL of editorial’s social media contacts. Now everybody finds time to tweet and post stories on Facebook, Google plus, Pinterest, etc.
Lastly, I was keen on bringing back the joy of solid, impactful journalism–encouraging more wins, scoops, hard-edged reporting that changes things for the better.
What have you been working on in your first month on the job?
Doing a pivot from a large, full-time staff with few contributors and specialist writers, to a smaller core staff and many, many more expert contributors. (Editor’s note: There were layoffs at TheStreet.com recently.)
With a new CEO, is the strategy of TheStreet.com changing?
Yes, along the same lines as editorial—–creating a core body of staffers supplemented by best contractors.
How does editorial fit into the company’s overall strategy?
One and the same
How has the program of providing editorial content to newspaper web sites help?
It broadens readership, brand awareness and opportunities via revenue sharing.
How will you tweak the editorial strategy of the company?
It will become a focus on telling smart people things they don’t already know about the markets.
Is the future of business news more paid online content?
I think a balance. There are still tremendous opportunities selling advertising on a popular free site. By building that audience, we also expand the pool of potential subscribers — a strategy Bloomberg has used effectively.
One of the company’s big attractions is Jim Cramer. How do you keep him involved in editorial?
Jim Cramer is our greatest strength, but he won’t always be around. So I’m seeking to grow editorial talent – future Jim Cramers if you will. That is no easy task.
Where would you like to see TheStreet.com’s editorial content in five years?
Mobile and global.
Layoffs hit TheStreet.com
by Chris Roush
Nicholas Carlson of Business Insider is reporting that there are huge layoffs occurring at TheStreet.com, which earlier this month named a new CEO and a new editor in chief.
Carlson writes, “A source in contact with TheStreet.com employees says it has cut all of its Main Street staff, three people in Boston, and some tech employees.
“‘Apparently there was some bouncer guy in the hallway in case anyone lost it,’ says a source.
“Layoffs suck and we’re sorry to hear anyone is having to go through this today.
“We’d go over the names of people we’ve been told who are laid off, but it’s easier to say who is staying.
“People who will remain at the company include: Chris Westfall (finance editor), Dan Freed, Shanthi Bharatwaj, Antoine Gara in finance reporting, and James Rogers, Deb Borschardt in tech. Video producer Gregg Greenberg will also remain.
“TheStreet.com declined to comment.”
The Street names Inman new editor in chief
by Chris Roush
TALKING BIZ NEWS EXCLUSIVE
William Inman, the former editor in chief of Institutional Investor magazine, has been named the editor in chief of TheStreet.com, Talking Biz News has learned.
Inman replaces Glenn Hall, who joined TheStreet.com in June 2008. A news release has not been issued, but Inman has changed his title on his LinkedIn page. It is unclear at this point what Hall will be doing, but Talking Biz News has been told that the editorial staff is aware of the change.
UPDATE: In an e-mail to Talking Biz News late Tuesday, Hall said, “Bill, who I knew during my decade with Bloomberg News, has a depth of experience and journalistic integrity that I admire and respect. I look forward to seeing TheStreet prosper and grow under the leadership team being assembled by new CEO Elisabeth DeMarse. I will provide them with my full support during the transition.”
The news comes less than a week after the New York-based company, which was founded in 1996, named a new chief executive officer, Elisabeth DeMarse.
DeMarse knew Inman from their time together at Bloomberg, where DeMarse was head of marketing and launched a series of Bloomberg cartoon books with The New Yorker. She also ran Bloomberg Personal Finance.
Inman had left Institutional Investor in January. He joined the publication in March 2009. Before that, he spent 17-plus years at Bloomberg News, where he created a content publishing unit — eventually including magazines, books, and a public website. He had been a reporter for United Press International, where he was nominated for Pulitzer prizes for stories on organized crime, Russian import/export corruption and Pentagon contract abuses.
He was also once North American editor of Business magazine, a joint venture between Conde Nast and the Financial Times.
Hall had been pushing TheStreet.com editorial content into other delivery formats, striking deals with newspaper companies to publish the financial news site’s content on the business sections of newspaper websites.
For example, in October TheStreet struck a deal with GateHouse, formerly Liberty Group Publishing, to publish its content across its 79 newspapers. Its newspapers include the Norwich (Conn.) Bulletin, the Register-Mail in Galesburg, Ill., the Rockford Register-Star in Rockford, Ill., and the Quincy (Mass.) Patriot-Ledger.
According to the company’s fourth quarter earnings call last week, the business desk service is now at more than 230 sites, including the Dallas Morning News, Denver Post and San Jose Mercury News.
TheStreet had revenue of $57.7 million in 2011 and a net loss of $8.2 million after losing $5.4 million in 2010. It has not recorded a profit for an entire fiscal year since 2008.
The company’s shares were trading at $1.89, up 4 cents, in late Tuesday afternoon trading.
TheStreet.com names new CEO
by Chris Roush
Elisabeth DeMarse has been named the new CEO of TheStreet.com, effectively immediately. She replaces Daryl Otte.
A story on the financial news company’s website states, “Otte announced plans to step down by the end of March. DeMarse has previously served as CEO of Bankrate and CreditCards.com.
“‘We are thrilled to announce that Elisabeth will be leading the Company in the next phase of its growth,’ Woody Marshall, chairman of TheStreet, said in a press release. ‘Elisabeth is an ideal fit for this key role at the Company — a highly experienced and tremendously skilled digital media executive with a deep background in the financial information vertical.’
“DeMarse praised TheStreet’s ‘fantastic collection of assets,’ saying in a statement that the company ‘is a pioneer in the field with a strong and recognized brand and has a unique position as a nimble, independent, purely digital player in a high-value media vertical. Moreover, the company immensely benefits from the many contributions of its founder and director, Jim Cramer, a true market savant who is certainly the most recognized personality in financial media.’
“TheStreet shares closed Wednesday’s regular trading session at $1.80.”
Read more here.
Be a business journalist, not a political blowhard
by Chris Roush
Doug Kass writes on Real Money, an online publication of TheStreet.com, about how some business journalists have turned into political commentators.
Kass writes, “I have very strongly held political beliefs, but I feel as strongly that my platform in my diary on Real Money Pro is an inappropriate forum for me to deliver and voice my views.”
He later notes that business journalists should follow the model set forth by broadcaster Marty Glickman, formerly the voice of the Knicks and Giants:
Read more here. A subscription to Real Money is required.