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Keith J. Kelly

Keith J. Kelly

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Altice USA buys digital news network Cheddar for $200M

By
Keith J. Kelly
Published April 30, 2019
Updated May 1, 2019, 1:24 p.m. ET

Altice USA is snapping up Cheddar, the millennial-focused live streaming-video news company, for $200 million.

Cheddar CEO Jon Steinberg, a former president of BuzzFeed, will now become head of Altice News, which will include Cheddar’s offerings on cable, pay-TV and college campuses. He will also oversee Altice’s News 12 regional news operations. He progresses from supervising about 190 people to about 800.

Cheddar had revenue of about $27 million last year and lost about $4 million, Steinberg said. Its investors, who kicked in about $50 million since its 2016 launch, were a diverse mix led by Jeremy Liew’s Lightspeed and Raine Capital.

“Everybody made money,” said Steinberg of investors, which also included Goldman Sachs and Altice. “I want to build this into the leading live-news suite of networks.”