Broadband communications and video services provider Altice USA has reached an agreement to acquire digital-first news company Cheddar for $200 million. The transaction is expected to close in the next two months upon regulatory approval.
The Cheddar networks are available in approximately 40 million pay tv homes through MVPDs, all virtual MVPDS (YouTube TV, Sling, Hulu Live, DirectTV Now, etc.), leading free tv systems (Pluto, Roku Channel, etc.), and a campus network of 1,600 owned and operated screens on 600 campuses. Cheddar recently expanded distribution to millions of homes through various cable systems, reaching carriage agreements with Comcast, Charter and Altice USA. Cheddar is available on nearly all over-the-top subscription pay tv services in the U.S. and has social distribution across Facebook, Instagram, YouTube, Twitter, LinkedIn, Snapchat and other platforms generating over 400 million video views a month.
Cheddar currently broadcasts news through two networks: Cheddar Business and Cheddar News, a “young, non-partisan general news and headline news network.”
Cheddar Founder and CEO Jon Steinberg will join Altice USA to lead Altice News, including Cheddar, News 12 (New York City) and i24NEWS (Israel).