Financial Streamer Cheddar News Sold to Private Equity-Backed Media Company

The financial news streaming network Cheddar News, which is geared towards millennials, has been sold to Archetype, a media company backed by the private equity firm Regent LP.

The transaction was announced Thursday by its one-time parent company, Altice USA. Shares of Altice USA rose nearly 7% during intraday trading Thursday following the news.

"We are excited to assist Cheddar in expanding its reach as the definitive independent ‘Voice of What's Next’ empowering new audiences to be informed and engaged citizens in an ever-changing world," Archetype said in a statement.

Archetype's other media brands include the Military Times, Defense News and Sunset Magazine. Its acquisition of Cheddar also includes the website Rate My Professors.

Terms of the deal were not officially disclosed, but a source familiar with the matter told CNBC that the deal was structured to allow Altice USA to collect future proceeds if Cheddar meets performance benchmarks. Based on internal projections, the payments could reach up to $50 million, CNBC reported.

Altice USA declined to provide further details on the deal's terms when reached for comment by The Messenger.

“Archetype is an excellent choice to take the network to the next level while enabling Altice USA to focus on its telecommunications, advanced advertising, and hyperlocal news businesses," said Keith Bowen, president of Altice USA news, advertising, and programming, in a statement.

Cheddar News was founded by Jon Steinberg in 2016 and later sold to Atlice USA in 2019 for $200 million.