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Technology Crossover Ventures has purchased a minority stake in TheStreet.com, in a move to help the company continue its growth. For the minority stake, TCV paid $55 million, which includes the purchase of preferred stock and warrants to purchase shared of common stock. TCV's founding general partner has also joined TheStreet's board.
[img src="" caption="" credit="" alt=""]Founded by Jim Cramer, the financial news website is looking to grow both organically and through strategic acquisitions, in its effort to become a dominate destination site for information regarding money. Towards the end of organic growth, TheStreet will be launching a new site called Mainstreet.com, which looks to be a lifestyle-oriented online publication for resources regarding money news and money management.
TheStreet will also be re-launching TheStreet and Stockpickr, which is one of the companies it has already acquired. As Stockpickr has a bit of social networking capabilities involved in its site, it's pretty clear that TheStreet is moving towards a diverse repertoire of money-related online resources and tools. Promotions.com is the other acquisition that's already been made by TheStreet.