Pay television company Altice has sold its interest in streaming business network Cheddar News to Archetype, a subsidiary of California-based private equity firm Regent LP.
The deal will see Regent LP pay Altice based on the future performance of Cheddar News, as first reported in early December by CNBC.
“Archetype is an excellent choice to take the network to the next level while enabling Altice USA to focus on its telecommunications, advanced advertising, and hyperlocal news businesses,” Keith Bowen, the president of Altice’s news business, said in a statement on Friday.
Cheddar was founded in 2016 as a millennial-focused streaming business and political affairs network. At one point, the Cheddar brand was split between two channels — Cheddar Business and Cheddar News — but the two brands consolidated into a single stream a few years ago.
While its primary distribution model was through streaming platforms, Cheddar has recently inked carriage deals with traditional cable providers. At the same time, Cheddar has reduced its live news output, covering a portion of the business day during the weekdays while relying on re-runs of lifestyle, business and technology shows to fill the remainder of its schedule.
“Cheddar has helped transform the way millennials have accessed television news since its groundbreaking debut broadcast from an iPhone in 2016,” Archetype said in a statement this week. “We are excited to assist Cheddar in expanding its reach as the definitive independent ‘Voice of What’s Next,’ empowering new audiences to be informed and engaged citizens in an ever-changing world.”
The acquisition of Cheddar News by Archetype puts it under common ownership with a number of other news brands, including History Net, Military Times and Sunset Magazine.
