Although the company believes that the expectations reflected in the forward-looking statements are reasonable, the company cannot guarantee future results or occurrences. The company disclaims any obligation to update these forward-looking statements, whether as a result of new information, future developments or otherwise. You may obtain copies of the company's filings with the SEC at www.sec.gov.
Now, I will turn the call over to Elisabeth DeMarse.
Elisabeth H. DeMarse
Thank you, Erica, and good morning. Thank you all for taking time to join us today. During our second quarter conference call; I discussed our acquisition program for evaluating opportunities to grow our business. We are happy to announce our first acquisition. We purchased The Deal for $5.8 million in cash, and closed on the transaction last night.
The Deal provides sophisticated coverage of The Deal economy through The Daily Deal, The Deal Pipeline, thedeal.com website, the annual Deal economy event, and The Deal Magazine.The Deal pipeline is the first transaction information service created for organizations seeking to generate deal flow, improve client intelligence and enhance market knowledge. It provides full access to 100-plus pieces of proprietary commentary, analysis and data produced every day by The Deal’s editors and journalists, and can be customized based on each clients’ job function, their deal focus and their workflow, and as delivered up straight to mobile devices or existing corporate platforms. We at TheStreet have a leadership position providing news and analysis covering the retail sector of the financial services industry primarily serving professionals and individual investors. Our revenue is highly dependent on advertising by marketers who want to reach our audience, and retail subscribers who read our investment newsletters. Both of these business models are currently challenged, online media due to compressed CPMs and the rapid migration to mobile and paid retail subscriptions due to where we are in the economic cycle, and the retail investors’ current sentiment regarding the markets. But we are committed to growing both our advertising-supported media business, and our subscription business.