Fox News Channel has settled a lawsuit against TheStreet.com that was filed after the financial Web site canceled its program on the news cabler.
In a joint statement, the companies said Friday that, as part of the settlement, TheStreet.com will pay $10,000 to the Eric Breindel Foundation, a nonprofit org named in honor of a former New York Post columnist. The Web site has also agreed that prior to May 1, 2001, it will not produce a television program similar to the show that ran on FNC.
Also as part of the settlement, James Cramer, TheStreet.com co-founder who was named in the suit and had filed a countersuit against Fox, has agreed to give an unspecified contribution to the foundation. In addition, FNC has the option of having Cramer appear occasionally on certain Fox News programs between Nov. 1, 2000, and April 30, 2001. He can also appear occasionally on other networks.
“I am pleased with the settlement, which validates Fox News’ legitimate interests in enforcing its contractual rights, while allowing me to appear on other business news programs,” said Cramer. “Fox News Channel has become a major force in business news programming, and I will continue to abide by its journalistic standards on any future appearances.”
The dispute arose in April when Cramer plugged TheStreet.com stock on his Fox News Channel show without giving advance notice to the program’s producer. After Fox objected, the financial Web canceled the show, and Fox sued the company and Cramer in May for breach of contract.