Shares of online financial news site TheStreet.com (Nasdaq: TSCM), which sells subscriptions to its content, soared more than 30 percent on Monday, climbing 5-15/16 to 25-11/6 after the company announced Saturday that it will launch a site in the United Kingdom.
TheStreet.com currently has almost 90,000 subscribers, up from approximately 66,000 on June 30. The new site is expected to launch in early 2000. The site will be partially backed by $17 million in funding led by Chase Capital Partners. Other investors in the venture include Barclays Private Equity.
It will be interesting to see how the TheStreet.com’s competitors, particularly CBS Marketwatch (Nasdaq: MKTW), react to the news. Both TheStreet.com and CBS Marketwatch are doing a lot to establish their brand past their flagship Web sites. TheStreet.com has recently launched a television show on the Fox News Network, and Marketwatch is working toward starting its own television show. Just having one big Web site doesn’t seem to be enough in this game anymore.