Online Streaming News Site Cheddar Consumed by Altice USA
Posted on 04/30/2019
Online streaming business news site Cheddar Inc. was acquired by cable provider Altice USA for a US$ 200 million all-cash deal. Cheddar was formed in 2016 by its founder Jon Steinberg. Altice is seeking to get into the news business. Jon Steinberg is the former President and COO of website BuzzFeed.
Jon Steinberg will move on to be President of Altice News.
“Cheddar has demonstrated an innovative approach to live news while building an engaged audience, solid followership and a strong brand,” Altice USA CEO Dexter Goei said in the official announcement.
Advisors
LionTree Advisors served as exclusive financial advisor to Cheddar, and Cooley served as legal counsel to Cheddar.
