TheStreet completes institutional business sale, weighing distribution methods
TheStreet announced it has completed the sale of its institutional business units, The Deal and BoardEx, to Euromoney Institutional Investor. The sale, which was initially announced on December 6, 2018, was approved by TheStreet's stockholders on February 12. The Company 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," TheStreet said in a statement. "Completing the sale of our institutional business is a meaningful milestone for TheStreet and we wish our colleagues continued success with Euromoney," commented Eric Lundberg, Chief Executive Officer and Chief Financial Officer of TheStreet. "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."