Cheddar News sold by Altice USA to media company Archetype

Must read

West watches for Putin’s next move after breakaway region asks Moscow to ‘protect’ it from Moldova

Russian President Vladimir Putin during a meeting with his confidants for the 2024 election at Gostiny Dvor in Moscow, Russia, on Jan. 31, 2024.Maxim...

AB InBev profits rise despite ongoing hit from Bud Light boycott in U.S.

Bud Light, made by Anheuser-Busch.Joe Raedle | Getty ImagesHiking beer prices led Budweiser owner Anheuser-Busch InBev to profit and revenue growth last year, even...

Wall Street takes bets on which major central bank will blink first

A trader works, as a screen displays a news conference by Federal Reserve Board Chairman Jerome Powell following the Fed rate announcement, on the...

Alibaba Cloud slashes prices by as much as 55% to fuel AI growth in China

Signage at the Alibaba Group Holding Ltd. booth at the Smart China Expo in Chongqing, China, on Monday, Sept. 4, 2023.Qilai Shen | Bloomberg...

The Cheddar News logo is seen on a smartphone and PC screen.

Sopa Images | Lightrocket | Getty Images

Cheddar News owner Altice USA announced Thursday it has sold the financial news streaming service to the media company Archetype, which is owned by private equity firm Regent LP.

CNBC previously reported rumblings of a possible deal to sell Cheddar to Regent. Archetype oversees media brands including Sunset Magazine and Military Times.

“Cheddar has helped transform the way millennials have accessed television news since its groundbreaking debut broadcast from an iPhone in 2016,” Archetype said in a statement. “We are excited to assist Cheddar in expanding 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.”   

Terms of the deal were not officially disclosed, but a person familiar with the matter told CNBC it is structured as a so-called “earn out” deal. Altice USA will collect proceeds in the future if Cheddar meets certain performance targets. Those payments could amount to about $50 million based on internal projections, CNBC previously reported.

Cheddar, founded in 2016 by Jon Steinberg, was bought by Altice USA in 2019 for $200 million. 

“We are incredibly proud of what Cheddar News has accomplished within the Altice USA portfolio, growing its distribution to reach new viewers with fresh and exciting need-to-know news content,” said Keith Bowen, president of news, advertising and programming for Altice USA, in a statement.

Don’t miss these stories from CNBC PRO:

More articles

Latest article

West watches for Putin’s next move after breakaway region asks Moscow to ‘protect’ it from Moldova

Russian President Vladimir Putin during a meeting with his confidants for the 2024 election at Gostiny Dvor in Moscow, Russia, on Jan. 31, 2024.Maxim...

AB InBev profits rise despite ongoing hit from Bud Light boycott in U.S.

Bud Light, made by Anheuser-Busch.Joe Raedle | Getty ImagesHiking beer prices led Budweiser owner Anheuser-Busch InBev to profit and revenue growth last year, even...

Wall Street takes bets on which major central bank will blink first

A trader works, as a screen displays a news conference by Federal Reserve Board Chairman Jerome Powell following the Fed rate announcement, on the...

Alibaba Cloud slashes prices by as much as 55% to fuel AI growth in China

Signage at the Alibaba Group Holding Ltd. booth at the Smart China Expo in Chongqing, China, on Monday, Sept. 4, 2023.Qilai Shen | Bloomberg...

Elon Musk again promises next-generation Roadster, six years after first hyping it

Tesla RoadsterCourtesy: TeslaSix years ago, Elon Musk hyped a next-generation Roadster, the name of Tesla's debut car from 2008. A refreshed version was never...