Altice USA, the owner of Cheddar News, has announced the sale of the financial news streaming service to Archetype, a media company owned by private equity firm Regent LP. The deal was structured as an “earn-out” arrangement, where Altice USA will receive proceeds in the future if Cheddar meets specific performance targets. While the official terms were not disclosed, internal projections suggest payments of approximately $50 million.
Cheddar News, known for transforming the way millennials access television news since its debut broadcast from an iPhone in 2016, was acquired by Altice USA in 2019 for $200 million. The recent sale to Archetype, which oversees media brands like Sunset Magazine and Military Times, is poised to facilitate Cheddar’s expansion as the “Voice of What’s Next.”
Archetype expressed excitement about assisting Cheddar in reaching new audiences and empowering them to be informed and engaged citizens in an ever-changing world. This move aligns with Cheddar’s commitment to providing fresh and essential news content.
Keith Bowen, President of News, Advertising, and Programming for Altice USA expressed pride in Cheddar News’ accomplishments within the Altice USA portfolio. The financial news streaming service has successfully grown its distribution to reach new viewers with relevant and exciting news content.
The sale to Archetype marks a strategic shift for Cheddar News, positioning it under new ownership that can potentially enhance its growth and impact in the media landscape. As the media industry transforms, this transaction reflects the dynamic nature of media ownership and the strategic decisions made to navigate the evolving preferences of audiences.
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