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Cheddar News sold by Altice USA to media company Archetype

The Cheddar News logo is seen on a smartphone and PC screen.

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Cheddar News owner Altice USA announced Thursday that it has sold the financial news streaming service to media company Archetype, which is owned by private equity firm Regent LP.

CNBC previously reported rumors of a possible deal to sell Cheddar to Regent. Archetype oversees media brands including Sunset Magazine and Military Times.

“Cheddar has helped transform the way millennials access TV news since its groundbreaking first broadcast from an iPhone in 2016,” Archetype said in a statement. “We are excited to help Cheddar expand its reach as the ultimate independent ‘Voice of the Future,’ empowering new audiences to become informed and engaged citizens in an ever-changing world.”

Terms of the deal have not been officially disclosed, but a person familiar with the matter told CNBC it was a so-called “earn-out” deal. Altice USA will receive profits in the future if Cheddar achieves certain performance targets. Those payments could amount to around $50 million based on internal projections, CNBC previously reported.

Cheddar, founded in 2016 by Jon Steinberg, was acquired by Altice USA in 2019 for $200 million.

“We are incredibly proud of what Cheddar News has accomplished within the Altice USA portfolio, expanding its distribution to reach new viewers with new and exciting news content,” said Keith Bowen, president of the news, advertising and programming from Altice. USA, in a press release.

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