Jim Cramer, the outspoken stock analyst, has long held down two jobs: one as a columnist for financial-news website TheStreet.com that he founded, and another as a colorful commentator for CNBC. Soon, he will only have one employer.
CNBC, in a rare bit of publicity for the business dealings it has with its correspondents, said it would expand its relationship with Cramer in a new deal that will have him continuing his on-air presence for the NBCUniversal-backed cable-news outlet as well as create subscription products for CNBC die-hards. Cramer will launch CNBC Investor Club, which will give subscribers what is billed as “behind the scenes access” to Cramer and his knowledge of investing and portfolio management. The new pact will reunite Cramer with Margaret de Luna, a former president and chief operating officer of TheStreet, who was recently appointed general manager and senior vice president of CNBC’s direct to consumer operations.
Under terms of the pact, Cramer will also create conferences on topics such as sustainability.
The new deal means Cramer is parting ways with a media outlet he helped build and which has been closely identified with him since he launched it in 1996 with publisher Marty Peretz in 1996. TheStreet provided early digital competition to financial-news outlets like The Wall Street Journal, Bloomberg and Reuters that had long relied on print newspapers or proprietary electronic wires to trading floors and investment banks. TheStreet went public in 1999 and Cramer served as its chairman between 2008 and 2011. TheStreet was acquired in 2019 by TheMaven, a portfolio of online versions of magazines, for approximately $16.5 million.
“Jim Cramer is truly one of a kind. He has the unique ability to masterfully break down complex topics and make them digestible for everyday investors,” said Mark Hoffman, chairman of CNBC. “And now, for the first time, CNBC will be the home for all of Jim’s media creating a virtuous cycle for his devoted viewers and loyal members to easily engage with exclusive content across all platforms and serve as a one-stop shop for sponsors and advertisers looking to interact with Jim’s comprehensive suite of products on a deeper level.”
Many of TV’s most prominent newsrooms are extending themselves into digital subscription products and the like. CNN is slated to launch CNN Plus, a new direct to consumer counterpart to its famous cable news channel, sometime next year. And Fox News Channel offers bespoke programs featuring its anchors and correspondents on Fox Nation, a streaming-video outlet.