Altice USA has found a buyer for Cheddar News, which aims to woo millennial audiences with finance news.
Terms of the deal were not disclosed, but the U.S. cable provider said the youth-skewing business news service in competition with CNBC and Bloomberg TV — except aimed at a younger viewership — has been acquired by Archetype, a media company whose brands include Sunset and Military Times.
In 2019, Altice USA bought Cheddar for $200 million in cash after being an early investor in the digital-first company that launched in 2016, along with other seed investors like Amazon, Lorne Michaels’ Broadway Video and Comcast Ventures. The deal for Cheddar by an affiliate of Archetype includes the Rate My Professors digital property.
“Cheddar has helped transform the way millennials have accessed television news since its groundbreaking debut broadcast from an iPhone in 2016. 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 said in a statement on Thursday.
Cheddar, founded by former BuzzFeed and DailyMail executive Jon Steinberg, is known for live broadcasting finance and business programming from the floor of the New York Stock Exchange. It has faced stiff competition, however, with rival streamers like Amazon, Netflix and Hulu also looking to win over younger audiences.
“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.