The Cable TV Network & Streaming Channel Cheddar News Has Been Sold To New Owners As It Struggles





Today, Cheddar announced that they have new owners in a deal that is reportedly a lot smaller than the $200 million Altice USA paid for the channel back in 2019. The new owners, Archetype, are buying the channels as it and other cable TV networks struggle to deal with the growth of cord cutting and a soft ad market.

Cheddar News was launched by Jon Steinberg in 2016 as an ad-free, live-streaming financial news network geared towards millennials. By 2017, the network had reached 148 million views across all platforms. In 2019, Altice USA bought Cheddar News for $200 million, which became part of Altice USA News. Steinberg stayed on through Cheddar’s transition and exited the company in 2022. Altice’s Chief Executive Officer Dexter Goei, who supported the acquisition, stepped down later that same year.

The news was first reported by CNBC, who says Altice USA will receive payments from the buyer if Cheddar News reaches certain viewership and other performance targets in the future as part of the sale.

In a statement, Archetype said: “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.”

“We are incredibly proud of what Cheddar News has accomplished within the Altice USA portfolio, growing its distribution to reach new viewers with fresh and exciting need-to-know news content,” said Keith Bowen, President, Altice USA News, Advertising, and Programming. “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.”

Terms of the agreement were not disclosed.

Less than five years after the acquisition of Cheddar News, Altice began the search for a buyer in April, according to The New York Times. Shares of Altice USA fell 70% this year as the company saw declines in profit and revenue. During the first quarter, revenue from news and advertising fell 14%. Altice considered selling Suddenlink as well but decided against the idea in 2022.

Cheddar’s linear programs are available to 40 million households on Sling TV, DIRECTV NOW, Hulu Live TV, YouTube TV, Fubo, Philo, Pluto TV, Prime Video, Roku devices, and the Cheddar app. Cheddar News also nets 400 million views a month on social media platforms.

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