Indilens ! Live Daily News on India Insights of India
[ad_1]
- Cheddar is being bought by cable company Altice USA for $200 million.
- Cheddar founder and CEO Jon Steinberg will become president of the new company’s Altice News unit.
- The web video startup aims to be the business news service for millennials and will help Altice grow its news division.
- Visit Business Insider’s homepage for more stories.
“Post-cable” network Cheddar is joining the traditional pay-TV ranks.
The video-news startup founded by former BuzzFeed executive Jon Steinberg is being bought by telecom Altice USA for $200 million, the companies announced on Tuesday.
The video startup has already raised eye-popping funding, especially considering the gloom and doom surrounding digital media. Cheddar was last valued at around $160 million in March 2018 after it raised $22 million in new funding.
It’s distributed on several new streaming services including Sling TV and Philo; screens on college campuses; as well as on social networks and even gas station pumps.
The acquisition is meant to help Altice grow its news division with Cheddar’s digital reach among professional millennial viewers.
Join the conversation about this story »
NOW WATCH: The black characters in ‘Game of Thrones’ have a history of their own and it could be the setting for HBO’s prequel
[ad_2]
