Jim Cramer Out For Blood

How else would you expect Cramer to react to the launch of Fox Business Network?

Cramer and Fox go back a long way. I attended the taping of Cramer's pilot show for Fox in the late 90's that morphed into Bulls & Bears. Herb Greenberg and Brenda Buttner were also part of the taping, but Cramer's dalliance with Fox ended badly after he pitched the stock of TheStreet.com (TSCM-NASDAQ) one Saturday morning. It was a clear violation of Fox's ethics policy, and a lousy pick given where the stock ended up trading for the next five years. And Cramer was unceremoniously booted from the channel. Do you think he harbors a grudge?

“We have a competitor now in Fox and it is really important to destroy and mutilate them,” he says with typical subtlety. B&C

Wall Street would be a boring place without the Reverend of What is Working Now, and he has even had a hot hand of late, although his speculative pick of the year, Level 3 Communications (LVLT-NASDAQ) has been a big bust. Still, Cramer is on the warpath with Fox:

“This is not the NFL where people mingle at the end of a game,” he says. “I’m not collegial. It’s personal.”

To prove his point, Cramer drops the word “turncoat” when referring to Liz Claman....Cramer also has more opinions about Fox Business. He had the new network on when I called him late last week. He says he gets what they are trying to do......“The babe model has always intrigued me, too,” he says.

Cramer’s venom might make it tougher for his comrades at TheStreet.com to get their mugs plastered all over Rupert’s new channel, which seems to be part of their gameplan:

Will Cramerica tune in to the new channel?

“If you want to lose half a billion, in the end someone will watch,” he says. “If your orientation is not to make money and you are as stupid as wood, you’ve got your station.”

Being the upstanding journalist I am, I called Fox Business to get their side.

“That’s amazing—that’s exactly what Jim used to say about CNBC before we fired him,” said a Fox Business spokesperson. “If you’re already unstable, scratching in the ratings apparently makes it worse.” B&C

“I’m hoping that we can get as many of our content creators on Fox Business Channel as possible, with TheStreet.com splashed across the screen,” quipped David Morrow, editor in chief of the online publication.

Indeed, TheStreet.com’s stock has been resurgent of late, as they aggressively expand the franchise into new initiatives, and speculation mounts that the company is being dressed up for a sale, after exploring those very options earlier this decade. As the company’s EVP of M&A notes:

TheStreet.com’s main strengths were things that no startup or Web arm of an established media company could necessarily guarantee: longevity, history and an established online audience. “Money can’t buy success on the Web,” he said. “You need time to build a community.” New York Times

The Times article insinuates that Fox is a natural buyer for the property, but omits at least one important point. How they can get away without lauding James Altucher’s contributions is beyond.us. For now, James will have to satisfy himself by laughing all the way to the bank.

Which is always a palatable option.

Cramer’s War of Words
Broadcasting & Cable

Financial News Web Site Remains Unruffled by Murdoch’s Foray on Its Turf
New York Times
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The content contained represent the opinions of 1440 Wall Street. This commentary in no way constitutes a solicitation of business or investment advice. It is intended solely for the entertainment of the reader, and the author.

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