Cheddar News sold by Altice USA to media company Archetype

Altice USA, the owner of Cheddar News, has officially announced the sale of the financial news streaming service to Archetype, a media company owned by private equity firm Regent LP. The acquisition, which was previously speculated, solidifies Archetype’s position in the media landscape, overseeing not only Cheddar News but also managing other notable brands like Sunset Magazine and Military Times.

Cheddar News, known for its innovative approach to delivering news content, particularly targeting millennials, has been a transformative force since its groundbreaking debut broadcast from an iPhone in 2016. Archetype expressed enthusiasm about supporting Cheddar in expanding its reach as the “definitive independent ‘Voice of What’s Next,’” aiming to empower new audiences to be informed and engaged citizens in an ever-changing world.

While the financial terms of the deal were not officially disclosed, reports suggest that it follows an “earn-out” structure. In this arrangement, Altice USA stands to collect proceeds in the future if Cheddar News achieves specific performance targets. Internal projections suggest that these payments could potentially amount to around $50 million.

Cheddar News, founded in 2016 by Jon Steinberg, had been part of Altice USA since its acquisition in 2019 for $200 million. The sale to Archetype marks a strategic move for both companies, with Altice USA acknowledging Cheddar News’ accomplishments within its portfolio and expressing pride in the growth of its distribution to reach new viewers with fresh and essential news content.

The acquisition by Archetype positions Cheddar News under new ownership, providing opportunities for further expansion and evolution as it continues to navigate the dynamic landscape of media and news delivery. The deal reflects the ongoing shifts and strategic realignments within the media industry, as companies seek to adapt to changing consumer behaviors and preferences.