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TheStreet.com, Ha'aretz Form Israel Venture

TheStreet.com and Israeli newspaper Ha'aretz will partner to form a financial news site in Israel.

TheStreet.com (TSCM) plans to invest $2.25 million for a stake in the new company, with Ha'aretz taking the majority holding of the venture.

English- and Hebrew-language versions of the site are expected to become operational early next year.

"As the rapid exchange of information across boundaries begins to shrink the world, TheStreet.com is committed to extending our brand and our successful model to other countries, a process that has already begun in the UK," said Kevin W. English, TheStreet.com's chairman and CEO.

"As the Israeli capital market changes rapidly and opens up to international investors, Ha'aretz's experience and understanding of this market will be invaluable in building a leading brand."

The new, as-yet-unnamed company was founded by Guy Rolnik and the Ha'aretz Group. Rolnik will become editor-in-chief for the new publication.

TheStreet.com formed a UK venture to launch TheStreet.co.uk in the beginning of next year.