The Cheddar News logo appears on your smartphone and PC screen.
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Altice USA, owner of Cheddar News, announced Thursday that it has sold its financial news streaming service to media company Archetype, owned by private equity firm Regent LP.
CNBC previously reported rumblings about a potential deal to sell Cheddar to Regent. Archetype oversees media brands including Sunset Magazine and Military Times.
“Cheddar has helped change the way millennials access TV news since it was first broadcast from an iPhone in 2016,” Archetype said in a statement. “We are excited to help Cheddar expand its reach as the definitive independent ‘voice of what’s next’ to empower 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 that it was structured as a so-called “earn-out” deal. Altice USA will collect proceeds in the future if Cheddar achieves certain performance targets. CNBC previously reported that these payments could reach about $50 million based on internal projections.
Cheddar, founded by John Steinberg in 2016, was purchased 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 new and exciting need-to-know news content,” said Keith Bowen, Altice's president of news, advertising and programming. United States of America, in a statement.
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