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Maven has completed its $ 16.8 million acquisition of financial news service The Street – and “Mad money” host Jim Kramer has inked a new three-year production deal that will include a new NFL fantasy football subscription service.
As part of the deal, Kramer – CNBC host, co-founder of the Street and a longtime Philadelphia eagles fan-will run his own production company called Cramer Digital. It will continue to have editorial control over its own subscription offerings, which include “Action Alerts Plus” and “Real money,” but which will now be sold through the Maven site.
The new NFL sports service – which will include a pre-show on Thursdays and a post-weekend show on Tuesdays-will also be sold through Maven.
The publicly traded small cap company Maven started as an ad and tech platform for small indie publishers, but has branched out into providing sports and financial content with its recent acquisitions. Its shares closed up 76 cents Thursday, to 5.6 percent.
“Sports Illustrated will provide Kramer with the best class research for his NFL Fantasy program,” said Maven CEO James Heckman.
Both the SI deal and the Street deal were funded by b subsidiary Riley Financial Inc.
“Most of the senior management team on the street will remain in the company,” Heckman told Media Ink.
In his address to the website’s remaining employees Thursday morning, Heckman said Seattle-based Maven will move its advertising and funding staff to street offices in Midtown Manhattan that have emptied as the company has been wound down .
For the Street, the sale of its shares on Wednesday was the end of a long winding that included the sale of deals, financial and business magazines. The final withdrawal means the company has returned about $138 million to shareholders, including nearly $18 million in cash on its balance sheet, according to a source close to the situation.
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