– TheStreet enters into a definitive merger agreement, which is acquired by Maven Meredith Corporation, has filed a complaint against Maven, the new owner of Sports Illustrated, for more than $1 million common for breach of contract. According to the 10-day complaint filed Monday in the U.S. District Court in Delaware, Maven Meredith owes money for services provided under two separate agreements, an outsourcing agreement and a transitional agreement. As part of the agreements, Meredith agreed to provide services to continue publishing Sports Illustrated and its websites for a specified period of time. Other. Any party may terminate this contract at any time for any reason. The paragraph entitled „Confidentiality“ also applies after the end of this agreement. If a particular clause of this agreement is not applicable, it will be amended to be enforceable, but does not affect other conditions. If we do not do that, we will not give up the rights we might have. Any translation of this agreement or our documentation is provided only at your convenience and the English version is determined. If you use this agreement on behalf of a company, that company agrees to these conditions.
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„This is a good result for TheStreet shareholders. For more than a year, we have had a strategic committee composed exclusively of independent directors responsible for evaluating, with the help of a financial advisor, strategic alternatives to the business. The first step was the successful sale of our RateWatch business in June 2018, followed by the sale of TheDeal and BoardEx, which was completed earlier this year, followed by a significant distribution to our shareholders on the proceeds of these sales at the end of April. Having taken into account the ongoing development needs and operating costs of the rest of the consumer business as a stand-alone public company, we believe this agreement is the best way to maximize shareholder value for TheStreet,“ said Eric Lundberg, Chief Executive Officer and Chief Financial Officer of TheStreet.