Altice USA to acquire Cheddar news networks | Major Businesses | Business
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Cable TV provider Altice USA plans to acquire Cheddar, the digital-first news company, for $200 million.

cheddar 2 may 2019With this acquisition, Altice broadens its portfolio by adding Cheddar’s live business, general news and college networks, which are focused on young professional and millennial audiences. The transaction is expected to close in the next two months upon receipt of regulatory approval.

The Cheddar networks are available in approximately 40 million pay TV homes through traditional pay-TV providers, skinny TV providers like YouTube TV, Sling, Hulu Live and DIRECTV NOW; free streaming services like PlutoTV and Roku; and a campus network of 1,600 owned and operated screens on 600 campuses.

Cheddar will continue to expand its fast-growing live advertising products, and will be able to bring additional scale and local targeting to these offerings via dynamic ad insertion into News 12 and i24NEWS inventory. Cheddar also said that itanticipates developing and deploying additional advertising products across the Altice footprint, namely on its advanced Altice One and a4 advertising platform.

Cheddar Founder and CEO Jon Steinberg will join Altice USA to lead Altice News, including Cheddar, News 12 and i24NEWS.

“Cheddar has demonstrated an innovative approach to live news while building an engaged audience, solid followership and a strong brand,” said Altice USA CEO Dexter Goei. “As one of Cheddar’s early investors, we have enjoyed our partnership with Jon and admire the entrepreneurial spirit, energy and smart disruptive mentality that he brings to the news business. The Cheddar culture and mindset are the perfect fit for Altice USA, and we’re excited to welcome Jon and the Cheddar team to the Altice family. We look forward to seeing our growing news team continue to deliver the best content for our viewers and more opportunities for our advertisers.”