Cable operator Altice USA has acquired financial streaming service Cheddar and named founder Jon Steinberg as President of Altice News. Cheddar was founded in 2016, and Altice invested in Cheddar in 2017.
Since its founding in 2016, Cheddar has become ubiquitous on streaming services including The Roku Channel, Hulu, Amazon.com’s Twitch, and so-called “skinny” bundles such as Dish Corp.’s SlingTV and Philo Inc. Cheddar’s strategy of negotiating to obtain carriage on a variety of platforms without charging affiliate fees, has allowed its distribution to grow quickly. Cheddar has also struck deals with traditional cable providers. Earlier this year, Cheddar launched on Spectrum cable in New York as a stand-alone channel. The company’s biggest revenue stream is advertising. Altice USA expects the acquisition to grow the company’s revenue and profitability.