New York—Financial media company TheStreet has acquired The Deal from private equity company Wasserstein & Co. for $5.8 million in cash.
The move combines the two news operations, including content development and marketing resources. William Inman, who took charge as editor in chief of TheStreet in March, will run the combined operations.
TheStreet said it is shuttering the print version of The Deal immediately and moving to an all-digital format. An undetermined number of layoffs are expected to follow.
Robert Teitelman, The Deal's editor in chief, will leave the company after serving as a consultant for several months during the transition. Kevin Worth, CEO of The Deal, will transition to president of The Deal, which will operate as a subsidiary of TheStreet.
Founded in 1999 as The Daily Deal newspaper, The Deal targets 40,000 business professionals, including senior-level bankers, law firm partners, private equity partners and hedge fund executives.The Deal Pipeline is an information subscription service and database.
“The strongest part of TheStreet is our subscription business, and the acquisition of Deal Pipeline plays to our strengths,” said Elisabeth DeMarse, CEO of TheStreet. “Our competitors, like Seeking Alpha and Business Insider, would kill to have the visibility, durability and high margins found in subscription businesses.”
She added: “The Internet media business is now about offline dollars to digital dimes to mobile pennies, but if you have solid information that helps investors make money, they will pay you for that.”
Media investment bank DeSilva+Phillips represented The Deal in the transaction.