Cheddar network sold to Altice USA for $200 million

The acquisition, first reported by Wall Street Journal, was announced Tuesday.

"Cheddar has demonstrated an innovative approach to live news while building an engaged audience, solid followership and a strong brand," Altice USA CEO Dexter Goei said in a statement.

Altice, one of the country's largest broadband providers, was an early investor in Cheddar, which launched in 2016. Since then, Cheddar has planted its flag on a host of streaming platforms such as Hulu Live, Roku, DirecTV Now and YouTube TV.

Earlier this year, Cheddar launched as a channel on Spectrum's cable lineup.

In the announcement Monday, Altice said that Cheddar will complement the News12 Networks, a group of local news channels serving customers in the New York area owned by Altice and on which Cheddar-produced segments already air.

As part of the deal, Cheddar CEO and founder Jon Steinberg will lead Altice News, which will be comprised of Cheddar, News 12 and i24News, a 24-hour Israeli news channel.

"Our goal is to make Altice News a leader in local, business, national, and international news everywhere as we look to build a live news offering for customers" who either pay for traditional cable or watch TV through other means, like on-demand streaming services, Steinberg said in a statement.

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