Cheddar network sold to Altice USA for $200 million

Altice USA has agreed to buy Cheddar, the three-year-old streaming financial news startup, in a $200 million deal.

The acquisition, first reported by Wall Street Journal, was announced Tuesday.

“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 a statement.

Altice, one of the country’s largest broadband providers, was an early investor in Cheddar, which launched in 2016. Since then, Cheddar has planted its flag on a host of streaming platforms such as Hulu Live, Roku, DirecTV Now and YouTube TV.

Earlier this year, Cheddar launched as a channel on Spectrum’s cable lineup.

In the announcement Monday, Altice said that Cheddar will complement the News12 Networks, a group of local news channels serving customers in the New York area owned by Altice and on which Cheddar-produced segments already air.

As part of the deal, Cheddar CEO and founder Jon Steinberg will lead Altice News, which will be comprised of Cheddar, News 12 and i24News, a 24-hour Israeli news channel.

“Our goal is to make Altice News a leader in local, business, national, and international news everywhere as we look to build a live news offering for customers” who either pay for traditional cable or watch TV through other means, like on-demand streaming services, Steinberg said in a statement.