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Proxy firms recommend TheStreet shareholders vote for deal with TheMaven

Financial news and information company TheStreet Inc. has provided updates about its pending sale to TheMaven Inc., a coalition of content producers with a shared digital platform.

Independent proxy advisory firms Institutional Shareholder Services Inc. and Glass Lewis & Co. LLC have recommended that stockholders of TheStreet vote in favor of the pending sale, according to a July 31 news release.

The company's board has recommended that TheStreet stockholders approve the proposed transaction ahead of a special meeting on Aug. 7. The transaction is scheduled to close shortly after the special meeting.

In June, TheStreet agreed to sell to a subsidiary of TheMaven for $16.5 million in cash.

TheStreet said it expects about $3.7 million in funds previously escrowed in connection with the sale of its RateWatch business will now be released Aug. 1, instead of Aug. 21.