Booyah! Cramer Finally Signs With TheStreet.com (TSCM)
According to a TheStreet.com (TSCM) SEC filing Cramer's deal gives him a nice pay bump: He's getting a $1.3 million salary his first year, up from $750,000 last year. By the end of his contract, that base is scheduled to jump to $1.872 million. He can also pull down a bonus of up to 75% of his salary, and Jim gets another 300,000 shares of restricted stock to augment the 3.9 million shares he already owns.
That's nice bump for Jim. But really? That's it?
Jim doesn't need the money: The former hedge fund manager and the most famous stock picker in the world, he has more money than God. Or at least plenty of money. And his salary on CNBC is thought to be in the $1 million range.
But even without a salary, Cramer has an incentive to work hard for TheStreet: He owns 14% of the company. So it raises the question: with so little at stake in the grand scheme for Cramer, why did it take four months and two short-term deals for the two sides to put ink on paper? Ideas?
Related:
Cramer Update: Still Haggling With TheStreet
So Cramer Blew Bear Stearns Call. Whatever
Can TheStreet.com Finally Sign Cramer?
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When there are unavoidable conflicts of interest, negotiations go slow, no matter what company it happens with. TSCM relies on Cramer for notoriety -- without him, the sites would not generate the same buzz, or have the same revenues.
I'd think that wasn't necessary with Cramer having so much of his net worth tied up in the company.
Can anyone say downgrades soon to come? I doubt any analyst had more than a double in his pay in their cash flow models.
Lastly, a brand that is trying to rely less on cramer (hence, mainstreet), has just proved otherwise.
long tscm, but nervous now.
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