Background: Altice and the Cheddar relationship go back to 201[ads1]7 when Altice first invested in live streaming news startup.
- Cheddar, launched in January 2016 by CEO and founder Jon Steinberg, was able to negotiate deals on a number of platforms with no associated fees, allowing the company to build its distribution to become available in 40 million pay-TV homes – also as for free, ad-supported services.
Details: The All-cash deal is based on the idea that Altice can increase the profile of its budding news unit, which includes News12, an umbrella of the New York News Network, purchased via Cablevision in 2016. Steinberg will transition to the role as president of Altice News.
What They Say:
- "Cheddar has shown an innovative approach to livelihoods while building a committed audience, Solid Followership and a strong brand," said Altice US CEO Dexter Goei in the official announcement.
- Steinberg added that the goal of the deal is to make Altice News "a leader in local, business, national and international news everywhere we look to build a life-time offer for customers in the traditional pay-TV ecosystem." [19659005] Go Deeper: Even Grandma Stretches TV Now
