The New York Times Co. Monday took a $15 million minority stake in online financial publication TheStreet.com
The company said the $15 million investment will be a combination of cash and services. The New York Times is also discussing a possible strategic alliance with the online publication.
Russell T. Lewis, the Times Co.’s president and chief executive officer, said TheStreet.com is a good strategic fit with its customer base.
“In just two years, TheStreet.com has rapidly grown into one of the most influential financial information sites on the Web, attracking some of the country’s most affluent and market-savvy Internet users,” he said.
The agreement also calls for Michael Golden, vice president of The Times Co., to join TheStreet.com’s board of directors.
Since its launch in 1996, TheStreet.com has grown to a subscriber base of about 37,000.