Buys Online Marketing Firm Corsis For $20.7 Million

0 Comments (Nasdaq: TSCM) gets to add a bit of Madison Ave. to its arsenal with the announcement that it has bought online advertising and promotions company Corsis for $20.7 million. That amount consists of about $12.5 million in cash (including roughly $3.3 million in debt repayment) and 694,230 shares of TheStreet’s unregistered common stock. Aside from expanding TheStreet’s existing ad offerings, the acquisition is designed to further its strategy to become a “one-stop interactive ad shop” for marketers, agencies and corporations. Corsis, which also owns the site, has worked with Kraft Foods and HSBC, as well as agencies such as The Marketing Store. In a statement, Gregg Alwine, co-president of Corsis, said that the company accepted TheStreet’s offer because it believes it can benefit from the financial news site’s brand recognition and its network of advertisers. Release
Update: From the conference call, Corsis has revenues of $10 million.

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