FOR IMMEDIATE RELEASE
TheStreet.com Announces Planned Strategic Investment and Joint Venture with Ha'aretz in Israel TheStreet.com and Leading Newspaper Publisher Plan to Launch Israel's First Major Independent Web-Based Financial News Publication Sites to Share News and Headlines
New York, October 27, 1999 -
TheStreet.com, a leading Web-based provider of financial news and commentary, announced today that the Company plans to enter into a joint venture with Ha'aretz, a leading Israeli newspaper publisher, by making a strategic investment in a new online news provider that aims to change the financial, high-tech, and business news landscape in Israel.
has entered into a letter of intent to invest $2.25 million in cash in exchange for a significant minority stake in the new Israeli company. The new company was founded by Guy Rolnik and the Ha'aretz Group, which is also the majority owner. Ha'aretz is the publisher of Israel's most respected newspaper, a daily that was founded in Jerusalem in 1919. The parties have agreed on the principal terms of the investment, but the deal is subject to the signing of final documentation.
The new venture plans to launch an online publication featuring a comprehensive range of financial and technology news in early 2000.
and the new company plan to share news content, with
publishing the new site's selected news and headlines on Israeli technology companies listed on U.S. exchanges and the Israeli site publishing selected news and headlines from
. The new venture will publish simultaneously in Hebrew and English, and will have the exclusive right to translate
's news and commentary into Hebrew and publish that content on its Hebrew site.
"As the rapid exchange of information across boundaries begins to shrink the world, TheStreet.com is committed to extending our brand and our successful model to other countries, a process that has already begun in the UK," said Kevin W. English, Chairman and CEO of TheStreet.com. "As the Israeli capital market changes rapidly and opens up to international investors, Ha'aretz's experience and understanding of this market will be invaluable in building a leading brand."
The new publication's Editor-in-Chief will be Guy Rolnik, currently the Economics Editor of Ha'aretz Daily and one of Israel's best-known financial journalists. TheStreet.com's Kevin English will join the new company's board of directors, along with Rolnik, Ha'aretz Publisher Amos Schocken, and Ha'aretz Group President Haim Inselberg.
"We look to TheStreet.com as an important strategic partner in launching our new independent company and insuring its success," said Amos Schocken. "Having headlines and news from
will significantly broaden the site's content offerings, and we look forward to learning from Kevin's insights and Internet experience when he joins our board."
The Israeli business community is increasingly in need of timely and accurate financial information, and the expansion of Web usage and foreign investment in Israel creates a strong opportunity for the new company. The Israeli Web advertising market is growing at a rate of over 100% annually, according to some estimates. Approximately 30% of Israeli households have an Internet connection, according to a recent poll by Shiluv, an Israeli polling company. Interest and investment in the country's technology companies is increasing rapidly, with nearly $1 billion in Israeli venture capital investment expected this year, compared with approximately $156 million in 1995, according to IVA (the Israeli venture capital association). During the past five years over 40 Israeli firms listed on US stock markets, making Israel the most prominent foreign country on Wall Street after Canada. The 110 Israeli companies now traded on US exchanges command a total market capitalization of over $40 billion.
is publisher of
, a leading Web-based provider of original, timely, comprehensive, and trustworthy financial news and commentary. TheStreet.com (
www.thestreet.com) was founded in 1996 and is based in New York City, with bureaus in San Francisco, Silicon Valley, London, Tokyo and Berlin. TheStreet.com's editorial team, with over 65 experienced financial journalists and two dozen outside contributors, publishes approximately 40 original news stories and commentaries every business day, including columns by James J. Cramer, Herb Greenberg, and Adam Lashinsky. TheStreet.com, Inc. has established strategic alliances with Yahoo!, America Online, The New York Times Co., Fox News Network L.L.C., Intuit, 3 Com, E*Trade, DLJ
, and other leading companies.
, a financial news site majority owned by TheStreet.com and intended for UK investors, will launch in early 2000.
Back to News Releases Index.