Can TheStreet.com Finally Sign Cramer?

Michael Learmonth | February 21, 2008 6:36 PM

jimcramerWe've been perplexed for some time about TheStreet.com's series of 2-month employment deals with its founder, columnist, and traffic firehose, Jim Cramer. Barrons' Eric Savitz has an explanation: contract renewal talks aren't going smoothly. Cramer and Barrons have been at war for years, and Barrons reporters have reportedly been banned from CNBC's air. But Eric's explanation make sense to us.

Cramer's employment agreement with TheStreet expired Dec. 31, 2007. It's been extended twice since then: Once through Feb. 15 and again through April 15. CEO Tom Clarke didn't offer any specifics on Cramer's contract talks, and shares in TSCM slid 8% today, even after the company reported sales up 38% and earnings in-line with street estimates.

Cramer (SA 100 #19) makes $750,000 a year from TheStreet.com, money he doesn't really need. He still owns a $20 million stake 14% stake in the company, currently worth $42 million, but his main calling card is his show on CNBC.

So, the question is, does Cramer still need The Street? He does if he wants readership on the Web. TheStreet.com has more than 10 times the traffic as CNBC.com.

Related:
CNBC Keeping Cramer, Needs TheStreet.com
Cramer Re-Ups At CNBC

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Michael said:
For what it's worth, Cramer makes $1 million/yr now from TheStreet, as the 2/19 filing on the 2-month extension shows....not a scalable difference to him.
Peter Kafka said:
We went back and checked with the most recent TSCM proxy, which indicates that Jim owns 14% of the company, not the 6.4% Barron's report had indicated. So Jim owns some $42 million worth of TSCM shares at current price. Have changed story accordingly.
Alex said:
Why is this even a question?

---Cramer owns $20M worth of the company. Cramer IS the company.


The only way he is gone is for fraud! Which will never happen.
stone said:
You guys act like he's merely an employee. He spends plenty of time with the company. The board is packed with his friends. There's no chance he leaves.
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Right or wrong, Jim Cramer is the "gateway drug" for the other writers on Thestreet.com. If he leaves, the traffic that they get will diminish and likely follow him wherever he wanders.
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I think the day he leaves theStreet.com will be the day he goes to the public sector.
Peter Kafka (URL) said:
No one's making up the fact that Jim's contract with his baby lapsed two months ago and that he hasn't signed a new one. So if he and TSCM want to reassure everyone that he's staying put, they can fix that by getting the paperwork done ASAP.
stone said:
Cramer's on the board --- he's not leaving.
Henry said:
It's ridiculous to speculate that Cramer will leave theStreet.com any time soon. theStreet is his baby and the moment he leaves, the stock will plummet.

Like you said, the Barrons guys don't like cramer. So it's possible that somebody made something up.
BubbleHead said:
I'm waiting for Cramer's show to be cancelled for my "all in" buy signal during this bear market.

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