U.S. digital media company TheMaven, Inc. is planning to purchase financial news and information provider TheStreet, Inc. in an all-cash transaction.
Under the pact, TheMaven's subsidiary will buy all of the outstanding common shares of TheStreet, Inc. for $16.5 million in cash.
The deal will boost Mavens' growing finance network with recognized analysts, premium content, thousands of subscribers, and the industry branding power to facilitate better monetization and distribution for all its partners.
The transaction is expected to close in the third quarter. On completion of the move, the combined companies are expected to profitably generate more than $50 million in revenue over the next four quarters.