Cheddar News owner Altice USA announced Thursday it has sold the financial news streaming service to the media company Archetype, which is owned by private equity firm Regent LP.
CNBC previously reported rumblings of a possible deal to sell Cheddar to Regent. Archetype oversees media brands including Sunset Magazine and Military Times.
“Cheddar has helped transform the way millennials have accessed television news since its groundbreaking debut broadcast from an iPhone in 2016,” Archetype said in a statement. “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.”
Terms of the deal were not officially disclosed, but a person familiar with the matter told CNBC it is structured as a so-called “earn out” deal. Altice USA will collect proceeds in the future if Cheddar meets certain performance targets. Those payments could amount to about $50 million based on internal projections, CNBC previously reported.
Cheddar, founded in 2016 by Jon Steinberg, was bought 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 fresh and exciting need-to-know news content,” said Keith Bowen, president of news, advertising and programming for Altice USA, in a statement.
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