TheStreet bought The Deal LLC, which owns the mergers and acquisition magazine The Deal, for $5.8 million recently, according to The Wall Street Journal. Elisabeth DeMarse, Chairman and CEO for TheStreet, wrote, “We own investing journalism here at TheStreet, and The Deal owns deal journalism, so together we are a glove fit, combining these two excellent newsrooms.” The magazine will be shut down and staff will be laid off, including editor Robert Teitelman.
This sale was considered a few years ago by The Deal, but did not secure the price it wanted. The Deal began in 1999 as a newspaper focused on mergers and acquisitions. Other publications followed suit and eventually deal coverage had its own place in financial news. TheStreet expects the high renewal rates of The Deal’s digital subscribers to offset some of the declines in TheStreet’s offerings.