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).
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