Altice USA closed a deal on Thursday to sell the youth-skewing business news streaming channel Cheddar News to Archetype, a media company owned by private equity firm Regent LP.
“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.”
“Archetype is an excellent choice to take the network to the next level while enabling Altice USA to focus on its telecommunications, advanced advertising, and hyperlocal news businesses,” Keith Bowen, president of Altice USA news, advertising and programming, said in his own statement.
According to CNBC, which first reported the deal, Altice USA will receive payments from Regent LP if Cheddar News reaches certain viewership and other performance targets in the future as part of the sale.
Founded in 2016, Cheddar News was created as a financial streaming news network aimed towards millennials and was founded by former BuzzFeed executive Jon Steinberg in 2016. Altice USA purchased the company in 2019 for $200 million.
Cheddar News joins a media portfolio at Archetype that include Sightline Media Group, which oversees military news publications such as Military Times; Sunset Magazine; and HistoryNet, which publishes magazines focused on different periods of American history such as the Civil War.
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