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Altice USA has sold its Cheddar News live-streaming financial news network to Archetype, a global agency owned by Regent LP, a private equity firm. The former is selling its business news unit four years after it acquired it for $200 million.
Terms of the Buyout Deal
Some media outlets already reported about the possible sale of Cheddar News months before. Altice USA has confirmed this through its announcement published on Thursday, Dec. 28.
As per CNBC, the terms and conditions of the acquisition deal were not officially disclosed to the public. Still, some sources who have knowledge of the matter shared that Altice USA and Archetype agreed to a structured sale, which is also known as the so-called "earn out" deal.
Cheddar News was founded in 2016 by Jon Steinberg, who is a former executive at the DailyMail and BizzFeed, but three years later, he sold it to Altice USA.
What's Included in the Deal
Archetype's acquisition of Cheddar News will also include several other properties that are mostly digital. It was mentioned that one of the items that the media agency will also be getting includes the Rate My Professors digital property. This will be added to the company's already expansive news and lifestyle brands, such as Army Times, Sunset Magazine, HistoryNet, Federal Times, and Defense News.
"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 press release. "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."
Altice USA News' president, advertising, and programming, Keith Bowen, also said, "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."
He added, "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."
Photo by: Cheddar News Media
