FOR IMMEDIATE RELEASE Contact:
The Financial Relations Board for TheStreet.com:
Elisa Mailman, Investors
Claudine Cornelis, Media
David Lloyd, Neil Boom or Ed Bridges
Financial Dynamics for TheStreet.co.uk
TheStreet.com Announces UK-Based Online Financial News Company Investors including Chase Capital Partners, Barclays Private Equity, ETF Group and 3i back venture with $17 million
New York and London, September 11, 1999 -
TheStreet.com Inc., a leading Web-based provider of financial news and commentary, today announced the formation of a UK counterpart to
. The new site -
- aims to be the UK's leading online financial news and commentary website, updated with the real-time capabilities of the Internet. The site, expected to launch in early 2000, will feature business and economic news, investment commentary and in-depth personal finance pages.
is majority-owned by TheStreet.com Inc. and has assembled an impressive list of financial backers, giving it the resources to recruit top journalists and experienced managers. The funding will also provide the marketing muscle to command a strong reach and profile in the UK among potential readers and advertisers. The team of investors is led by
Chase Capital Partners
Barclays Private Equity
. In the US, Chase Capital Partners, in association with
, was a lead investor in TheStreet.com Inc.'s first venture capital round of financing. The group has invested a total of $17 million for a minority stake in the company.
"Investors in the US and the UK are separated by thousands of miles, but they share the same information needs," said Kevin W. English, Chairman and Chief Executive Officer of TheStreet.com Inc. "TheStreet.co.uk will provide compelling financial news and investment commentary about the UK and other markets, updated throughout the trading day."
English has appointed Claudia Jay as Managing Director of
. Jay was until recently the Head of Product Development for
(the website of the Financial Times newspaper). In that role, Jay developed the products and services designed to complement the editorial content on
. She launched the Archive (FT.com's first e-commerce service) and various company and market information products. She is now recruiting other members of the senior management team of
"We aim to be the number-one on-line financial news and information destination in the UK," said Claudia Jay. "The rise of the Internet has led to a massive new market for financial information. In the UK alone, there are an estimated 12 million web users, an increasing number of which are individual investors seeking timely financial news and insight. We are serving a new generation of people who demand information that keeps pace with the markets."
The Editor-in-Chief of
will be Martin Baker, an associate editor of
. Baker has 14 years of business journalism experience in London and Paris at publications including the
International Herald Tribune
. Under Baker's direction, the company is assembling an impressive editorial team of respected financial journalists to break important stories and offer investment insights and informed commentary.
"Must-read financial news and analysis is a hallmark of TheStreet.com in the US," said Baker. "We will bring the same caliber of original, trustworthy, intelligent and timely financial news to the UK through the ideal medium, the Internet."
currently has almost 90,000 subscribers, up from approximately 66,000 on June 30 of this year.
TheStreet.com (Europe) Ltd. is a London-based online financial news company founded by TheStreet.com Inc. (
is scheduled to launch in early 2000.
, a leading Web-based publisher of financial news, was founded in 1996 and is based in New York City, with bureaus in San Francisco and London.
has established strategic alliances with Yahoo!, America Online, The New York Times Co., Fox News Network L.L.C., Intuit, 3Com, E*TRADE, DLJdirect, and other leading companies.
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