- General
- May 1, 2019
- 4 minutes read
Altice Pays $200 Million For Cheddar
image: Cheddar Altice USA has agreed to acquire Cheddar, the digital media company known for its millennial-focused news network available on lots…
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| image: Cheddar |
Altice USA has agreed to acquire Cheddar, the digital media company known for its millennial-focused news network available on lots of streaming networks and some cable systems. The cable operator is paying $200 million for Cheddar, with an acquisition expected to close in the next two months. Cheddar will be added to Altice’s news offerings which include the News 12 and i24NEWS networks.
Cheddar CEO Jon Steinberg will join Altice USA to now lead its news division, consisting of Cheddar itself and the News12 and i24NEWS channels. Cheddar — known for its flagship newscast on the trading floor of the New York Stock Exchange — broadcasts 19 hours of live news via two networks each day. The company’s viewership is most concentrated on ages 25-34. Cheddar also operates CheddarU, a closed-circuit network spanning 1,600 screens in public spaces at 600 college campuses.
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| Cheddar CEO Jon Steinberg (left) and Altice USA CEO Dexter Goei
image: Altice
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Cheddar has some noteworthy links to BuzzFeed, another digital media company backed by $500 million in funding according to Crunchbase data. It was launched in 2016 by Steinberg, BuzzFeed’s former president and COO. Investors in the company include Altice itself, Amazon, AT&T, Ribbit Capital, Comcast Ventures, Liberty Global, Goldman Sachs, and Lightspeed Venture Partners.
