The Cheddar News logo is seen on a smartphone and PC screen.
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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 best way millennials have accessed television news since its groundbreaking debut broadcast from an iPhone in 2016,” Archetype said in a press release. “We’re excited to help Cheddar in expanding its reach because the definitive independent ‘Voice of What’s Next’ empowering recent audiences to learn and engaged residents in an ever-changing world.”  Â
Terms of the deal weren’t officially disclosed, but an individual aware of the matter told CNBC it’s structured as a so-called “earn out” deal. Altice USA will collect proceeds in the long run 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.Â
“We’re incredibly happy with what Cheddar News has achieved throughout the Altice USA portfolio, growing its distribution to achieve recent viewers with fresh and exciting need-to-know news content,” said Keith Bowen, president of stories, promoting and programming for Altice USA, in a press release.
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