Cheddar, the digital-first video news network, has been acquired by Altice USA, the US unit of Dutch cable provider Altice, for $200M in an all-cash transaction. Altice USA was formed when Altice acquired Optimum from Cablevision. Altice had been a distribution partner for, and investor in, Cheddar. “The Altice team and Altice Way are as entrepreneurial as it gets with amazing markets, world-class local and international news, an amazing broadband network, and a soon to launch mobile offering. I can’t wait for Cheddar to begin working with Altice’s team,” said Jon Steinberg, Founder and CEO of Cheddar.
The Altice team and Altice Way are as entrepreneurial as it gets with amazing markets, world-class local and international news, an amazing broadband network, and a soon to launch mobile offering. I can’t wait for Cheddar to begin working with Altice’s team – Jon Steinberg
Founded by Steinberg in 2016, Cheddar had raised a total of $54M in reported equity funding. Cheddar’s last round came in 2018 at a $160M post-money valuation. Investors in the company include Lightspeed Venture Partners, Goldman Sachs, Comcast Ventures, Amazon, Raine Ventures, Ribbit Capital, AT&T, Dentsu Ventures, Liberty Global, Altice SA, 7 Global Capital, New York Stock Exchange (NYSE), Altice USA, and Antenna Group. Cheddar is reported to be available to 40M homes. Steinberg will join Altice USA and lead Cheddar, News12, and i24NEWS. No word on what will happen to the rest of the Cheddar team when the acquisition closes, which is expected to be in two months.
“Cheddar has demonstrated an innovative approach to live news while building an engaged audience, solid followership and a strong brand. 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,” remarked Dexter Goei, Altice USA CEO.
Cheddar has demonstrated an innovative approach to live news while building an engaged audience, solid followership and a strong brand. 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 – Dexter Goei
