Altice USA has sold Cheddar News to media company Archetype. The announcement that owner Altice had sold its financial news streaming service Cheddar to private equity firm Regent LP, the owner of Archetype was made on Thursday. The announcement did not officially disclose the terms of the deal. Altice USA saw an over five percent increase in share price, after the deal was announced.
Archetype media includes Sunset Magazine and Military Times and the acquisition of Cheddar News was made to expand its reach.
In a statement, Archetype praised Cheddar for helping “to transform the way millennials have accessed television news since its groundbreaking debut broadcast from an iPhone in 2016.” It also stated that the company was looking forward to assisting Cheddar News to expand its reach “as the definitive independent ‘Voice of What’s Next’ empowering new audiences to be informed and engaged citizens in an ever-changing world.”
Keith Bowen, president of Altice USA news, advertising, and programming also released a statement. It described Archetype as an excellent choice as it would take Cheddar News to the next level. This would also enable Altice USA “to focus on its telecommunications, advanced advertising, and hyperlocal news businesses.”
Jon Steinberg founded Cheddar News in 2016. Altice USA bought Cheddar for $200 million in 2019. The former BuzzFeed and Daily Mail executive had positioned Cheddar to appeal to millennials with its live streams. Cheddar News broadcasts financial and business news live from the floor of the New York Stock Exchange.
CNBC, which was the first outlet to report the news, said that a person familiar with the matter told them that the terms of the deal which remain officially undisclosed were structured as what is known as an “earn out” deal. This means that Altice USA would collect proceeds if Cheddar News met certain performance targets.
In an earlier report, CNBC had said that the payments could amount to roughly $50 million by basing the amount on internal projections.
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