Some serious cheddar: Altice bought financial news start-up Cheddar for $200M.
What is Cheddar? Cheddar is a “Post-Cable Network” that broadcasts live from the New York Stock Exchange and is often referred to as “CNBC for millennials”. They are primarily distributed outside of the cable bundle (over-the-top) but have recently struck interesting distribution deals with traditional pay-TV carriers.
Cheddar revenue by year (YoY growth):
1) 2018 — $25M
2) 2019P — $50M (↑ 100%)
Key details for Cheddar:
1) Launched in 2016
2) Available in 40M pay-TV households
3) $54M in venture capital raised
Quote from Dexter Goei — CEO @ Altice:
“What I really care about is Jon being able to do better with our existing businesses and create original content… This is about maximizing underinvested and underutilized assets at Altice USA.”