Altice USA has been an investor in Cheddar since 2017
Altice USA has announced that it will acquire digital-first news firm, Cheddar, in a deal said to be worth in excess of $200 million.
The acquisition will allow Altice USA to expand its online news offering, specifically targeted at Millennials.
“Cheddar has demonstrated an innovative approach to live news while building an engaged audience, solid followership and a strong brand," said Altice USA CEO Dexter Goei.
"As one of Cheddar’s early investors, we have enjoyed our partnership with Jon and admire the entrepreneurial spirit, energy and smart disruptive mentality that he brings to the news business. The Cheddar culture and mindset are the perfect fit for Altice USA, and we’re excited to welcome Jon and the Cheddar team to the Altice family. We look forward to seeing our growing news team continue to deliver the best content for our viewers and more opportunities for our advertisers."
The acquisition of Cheddar will increase Altice USA’s focus on hyperlocal and global news offerings. The combination of News 12 and i24NEWS’ expertise in linear content and distribution plus Cheddar’s expertise in digital-first content and distribution will provide several benefits.
The Cheddar networks are available in approximately 40 million pay tv homes throughout the US.
Altice USA’s share price jumped to $23.98 per share on news of the proposed acquisition, as markets reacted positively to the news.
Also in the news: