Broadband and video services provider, Altice USA, has agreed to buy digital-first news network Cheddar for US$200 million.
Altice said that Cheddar’s strong news team and engaged young-professional and millennial audience will bolster its news portfolio and create more value for advertisers.
Cheddar Founder and CEO, Jon Steinberg, will join Altice USA to lead Altice News, which also includes international and current affairs news network i24NEWS and the regional News 12 Networks.
“Cheddar has demonstrated an innovative approach to live news while building an engaged audience, solid followership and a strong brand,” said Altice USA CEO Dexter Goei.
“The Cheddar culture and mindset are the perfect fit for Altice USA, and we’re excited to welcome Jon and the Cheddar team to the Altice family. We look forward to seeing our growing news team continue to deliver the best content for our viewers and more opportunities for our advertisers.”
Altice was an early investor in Cheddar and News 12 and i24NEWS already run Cheddar reports as part of their coverage. Altice said that the deal will provide more opportunities for “collaborative and complementary programming”.
Cheddar is also expected develop additional advertising products across the Altice footprint, namely on its advanced Altice One and a4 advertising platform.
Steinberg said: “Our goal is to make Altice News a leader in local, business, national, and international news everywhere as we look to build a live news offering for customers in the traditional pay TV ecosystem, as well as those looking to à la carte alternative SVOD services, vMVPDs, and free systems for their non-news entertainment.”
“The Altice team and Altice Way are as entrepreneurial as it gets with amazing markets, world-class local and international news, an amazing broadband network, and a soon-to-launch mobile offering. I can’t wait for Cheddar to begin working with Altice’s team.”
Cheddar currently broadcasts 19 hours a day of live news through two networks – Cheddar Business and Cheddar News. The company also claims to generate more than 400 million video views per month across Facebook, Instagram, YouTube, Twitter, LinkedIn, Snapchat and other social platforms.
Cheddar’s channels are available in the US via over-the-top subscription services like YouTube TV, Sling, Hulu Live and DirecTV NOW. They are also on free TV systems like Pluto TV and the Roku Channel, and via cable operators Comcast, Charter and Altice USA.
The company also owns the CheddarU network of 1,600 screens in the public spaces on 600 college campuses – including in gyms, cafeterias and student unions.
The deal is expected to close in the next two months upon receipt of regulatory approval.