RealTime IT News

TheStreet.com Forms UK Company

Wall Street online news provider TheStreet.com has formed TheStreet.com (Europe) Ltd., and will launch TheStreet.co.uk in early 2000.

Backing the new venture is a team of investors led by Chase Capital Partners that includes Barclays Private Equity, ETF Group, and 3i. Chase Capital Partners previously led the initial investments into TheStreet.com and has now put $17 million into the company for its minority stake.

"Investors in the U.S. and the UK are separated by thousands of miles, but they share the same information needs," said Kevin W. English, chairman and CEO of TheStreet.com.

"TheStreet.co.uk will provide compelling financial news and investment commentary about the UK and other markets, updated throughout the trading day."

The announcement of the move, which came over the weekend, coincides with GlobalNetFinancial's major content deal with pan-European ISP World Online International. Clearly, the competition to provide financial news via the Internet in Europe is becoming very intense.

Claudia Jay, the former head of product development for FT.com, has been appointed managing director of TheStreet.co.uk. She said that the new site aimed to become the number-one online financial news and information destination in the UK.

"In the UK alone, there are an estimated 12 million web users, an increasing number of whom are individual investors seeking timely financial news and insight," said Jay. "We are serving a new generation of people who demand information that keeps pace with the markets."

Another early recruit is Martin Baker, an associate editor of Sunday Business, who becomes editor-in-chief of the UK site. He is currently assembling a team of financial journalists who will provide news and commentary on UK markets.