TheStreet Inc. (TST) said Thursday that the company has closed a previously announced sale of its institutional-business units TheDeal and BoardEx to Euromoney Institutional Investor PLC for $87.3 million.
"Completing the sale of our institutional business is a meaningful milestone for TheStreet, and we wish our colleagues continued success with Euromoney. We look forward to this next phase of TheStreet's evolution as we deepen our focus on our consumer business and strive to maximize value for stockholders," said Eric Lundberg, who took over as CEO of the company with the sale's closure.
Lundberg had previously served as the company's chief financial officer, a title he'll retain while replacing outgoing CEO David Callaway and joining TheStreet's board. TST also elevated Margaret de Luna from president of TheStreet's consumer business to president and chief operating officer of the entire company.
TheStreet said it a statement that it "continues to expect that a substantial portion of the net proceeds from the sale, along with a portion of its current cash on hand, will be distributed to TheStreet's stockholders. The board is evaluating the various ways to complete this distribution, including, among other factors, the timing and amount of such distribution."
TST shares were trading at $2.21 early Thursday, up about 1% on the session and some 45% since the company announced the Euromoney deal on Dec. 6.
TheStreet's founder Jim Cramer, who also sits on the company's board, said at the time of the sale's announcement that TST "is in a better place since [Callaway] took over, and we thank him for his contributions and efforts. I have full confidence in Eric and Margaret's ability to manage the consumer business on a stand-alone basis, and I look forward to continuing to build upon our recent success while the board explores strategic opportunities for the company."