Altice USA has agreed to buy Cheddar for $200 million, betting founder Jon Steinberg can continue to expand the company's news offerings.
Rather than collecting fees from providers, the company has made money through advertising and is on pace to double its revenue to about $50 million this year, Goei said.
Goei said he was impressed that Steinberg took a niche idea — business news for young people — and grew it into a respectable business through entrepreneurial force.
The deal for Cheddar was all in cash, though Steinberg, who owns a significant stake, will use half of his proceeds to buy Altice USA stock, Goei said. Steinberg couldn't immediately be reached for comment. Cheddar raised $54 million in venture funding from investors including AT&T, Comcast Ventures (owned by CNBC parent
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Altice USA Buys Streaming-Video Network Cheddar for $200 MillionCable operator Altice USA agreed to acquire streaming-video network Cheddar for $200 million, a deal expected to raise the profile of the company’s news division.
Read more »
Cable TV company Altice USA is buying the streaming-news network Cheddar for $200 millionThe video-news startup founded by former BuzzFeed executive Jon Steinberg agreed to be acquired by telecom Altice USA for $200 million, the companies announced on Tuesday.
Read more »
Kamala Harris, aide smile as they shut down Turning Point USA staffer claiming senator exploits immigrantsCalifornia Sen. Kamala Harris and an aide managed to calmly shut down an attempt at confrontation by a Turning Point USA staffer who accused the 2020 Democratic candidate of 'exploiting' migrant women and children for votes.
Read more »
USA Gymnastics' new president gets slammed over comments about NassarNewly minted USA Gymnastics President Li Li Leung has apologized for controversial remarks about why she wasn't abused by disgraced doctor Larry Nassar when she was a gymnast
Read more »
NFL draft grades 2019: Patriots' class among best, Giants' haul confoundsFour teams, including the Patriots, received an A in USA TODAY Sports' 2019 NFL draft grades, while the Giants were behind everyone else.
Read more »
Stuck on the sidelines: A transgender powerlifter fights for the right to compete'It’s not fair to genetically eliminate an entire group of people,' said JayCee Cooper, a transgender powerlifter who was barred from USA Powerlifting competitions. - NBCOUT
Read more »
In-N-Out managers make $160,000 per yearIn-N-Out workers can start at $13 an hour and work their way up to that $160,000-ish salary without a college degree, USA Today reports.
Read more »
NFL draft 2019 tracker: Pick-by-pick list of every selection in Rounds 4, 5, 6 and 7The 2019 NFL draft concludes Saturday with Rounds 4, 5, 6 and 7, and USA TODAY Sports will keep you updated with every pick.
Read more »