Nearly four years after selling its financial company rating service, Jupiter-based Weiss Group has bought back the business unit from New York-based TheStreet.com.
The name of the group will revert back to Weiss Ratings and the staff of bank and insurance company analysts will continue working in Jupiter, where they have remained since the 2006 acquisition.
Weiss also signed a licensing deal with TheStreet.com (NASDAQ: TSCM) to conduct ratings of publicly traded companies, mutual funds, closed-end funds and exchange-traded funds. The bank and insurance company ratings will continue being distributed to TheStreet.com’s customers.
Weiss Group said its rating agency, unlike most competitors, accepts no compensation from the companies it rates.
In an interview with the Business Journal, Weiss Group founder and Chairman Martin D. Weiss said the deal will allow the staff in Jupiter to focus on banks and insurance companies, while TheStreet.com’s New York analysts concentrate on public companies and other investments. Customers won’t see a change in how they get their information, he noted.
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