The youth-oriented live news streamer Cheddar has agreed to be acquired by Altice USA for $200 million. The deal is expected to close in the next two months.
Altice USA already owns News 12 Networks and i24News, and is looking to create a richer news portfolio for both viewers and advertisers. This isn’t the first time the two companies have done business, as seven News 12 stations in the New York tri-state area broadcast the Cheddar Tech Report, and i24News includes Cheddar’s top stories in its global reports.
By acquiring Cheddar, Altice USA creates a news lineup that includes hyperlocal, national, business, and international coverage. It gains Cheddar’s appeal with millennials and young professionals, which it hopes to use to broaden its existing distribution channels.
Cheddar has enjoyed rapid growth recently, announcing $22 million in new funding and the launch of its second channel, Cheddar Big News (now called Cheddar News), in March 2018. Then, in June 2018, it announced the launch of CheddarU, its campus news network. That network streams to 1,600 screens in public spaces on 600 campuses.
Following the sale, Cheddar founder and CEO Jon Steinberg will lead Altice News, overseeing Cheddar, News 12, and i24News.
For more on Cheddar, attend the Streaming Media East conference next week in New York City. Cheddar president and COO Eric Harris is delivering the second day keynote on the future of OTT and live news.
Photo: Cheddar Founder and CEO Jon Steinberg and Altice USA CEO Dexter Goei