Jim Cramer is co-founder of TheStreet.com, Inc. (NASDAQ:TSCM). The site was started around 1996 and is currently valuated around $113.60 million. While Cramer became very busy with his CNBC show, Mad Money w/ Jim Cramer, he has decided to step up as Chairman of the company he started.
This will allow Thomas J. Clarke, the current CEO of TheStreet.com to “focus on navigating the company through this difficult economic environment.” Prior to this announcement, Clarke was both CEO and Chairman. At the end of this quarter, TheStreet reported $16.7 million in revenue. This is up from last year’s $16.1 million in the same quarter.
“Our quarterly results reflect the revenue impact of the weakened online advertising market,” stated Clarke. “While we remain committed to investing in our growth initiatives, we are reviewing our cost structure, as is prudent, in this difficult environment. Our strong balance sheet, with $80 million in cash and no bank debt, ensures we are particularly well positioned to navigate these headwinds.”