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Advertising - Thursday, August 2, 2007

TheStreet Buys Corsis Which Just Bought Promotions.com

UPDATE: An attuned a:c reader gets in touch to point out that "what we have here is a bunch of beer buddies doing deals."A quick scan of Corsis on LinkedIn shows the most of the top brass worked at iVillage and in fact iVillage bought out new Corsis subsidiary Promotions.com when it was a OTC traded stock. The connection now is that Steven Elkes has recently joined TheStreet.com's management team with the newly created position as its Chief Revenue Officer and EVP of Mergers and Acquisitions. Prior to that, Elkes spent almost 10 years at iVillage. He's either a great guy or the Corsis folks have dirt on him because nobody is going to buy the logic that TheStreet is spinning.

We are going to have to get logic of this deal explained to us again. Financial content site TheStreet.com (TSCM) has bought online marketing firm Corsis for $20.7M, with Corsis taking in $10M in revenues last year. Corsis had recently bought Promotions.com and is transitioning its brand to Promotions. The company's say there are synergies here as The Street will lift Corsis recognition and Corsis might bring more brand advertisers to the street. We would understand The Street buying another content firm but an online promotions company? Go figure.

Read - Press release