Altice USA Acquires Digital News Network Cheddar for $200 Million
Cable provider Altice USA buys the millennial-focused news network Cheddar for $200 million in an all-cash deal. The acquisition combines Cheddar with Altice's existing local and international news properties.
Cable provider Altice USA buys the millennial-focused digital news network Cheddar for $200 million in an all-cash deal. This purchase price represents a 25 percent premium over Cheddar's previous $160 million Series D valuation. Altice, which is already an existing investor in the media startup, plans to integrate Cheddar into its broader news division.
Cheddar CEO Jon Steinberg transitions to the role of president of Altice News following the acquisition. The newly expanded Altice News division includes Cheddar, News 12 Networks, and the international news network i24NEWS. Steinberg states that the goal is to build Altice News into a comprehensive leader across local, business, national, and international news markets.
Known as the "CNBC of the internet," Cheddar broadcasts 19 hours of programming daily from locations like the New York Stock Exchange and the White House. The network currently reaches 40 million homes through platforms like Sling TV, Hulu, and YouTube TV, while also maintaining a presence on 600 college campuses through CheddarU. Additionally, Cheddar attracts a massive audience of 400 million video views every month.