NEW YORK, April 4, 2001 - TheStreet.com, Inc. (Nasdaq: TSCM ), a leading multimedia provider of financial commentary, analysis and news, today announced that because of continued economic uncertainties and difficult market conditions, the Company plans to take steps to reduce operating expenses. The Company will reduce its workforce across the board by 20%. Other expense reductions include subleasing a portion of its principal office space and cutting discretionary spending in areas such as contract services, marketing and travel. These measures are expected to save the Company over $15 million on an annualized basis.

"We have made these difficult but deliberate business decisions as a necessary response to fundamental changes in the economic environment," said Thomas J. Clarke, Chief Executive Officer of TheStreet.com "This rightsizing brings our cost structure to a level that enables us to more effectively monetize our proprietary content. With a healthy cash position of approximately $60 million and zero debt, we're well-positioned to maintain our drive towards long-term financial success."

About TheStreet.com
TheStreet.com, Inc. (Nasdaq: TSCM ) is a leading multimedia provider of original, timely, insightful and trustworthy financial commentary, analysis and news. TheStreet.com brand is built on our best-in-class editorial team of experienced financial commentators and journalists. On the Internet, our free, advertising-supported web site, TheStreet.com, is accompanied by our subscription-based site, RealMoney.com. In addition, our content is also available across diverse product offerings, including print media, radio, books and conferences, and our strategic relationships with leading media, technology and financial services companies further assist us in leveraging our content and products.

Back to News Releases Index.