Cheddar Staffers Reportedly Furloughed After Altice USA’s Sale of Millennial-Targeted News Division
variety.comTodd Spangler NY Digital Editor The new owners of Cheddar News, once touted as a kind of next-generation financial news network ala CNBC, have furloughed staff members because of “unforeseen” circumstances, the New York Times reported.
Cheddar, founded in early 2016, was acquired by cable operator Altice USA in 2019 for $200 million. Last Thursday (Dec. 28), Altice USA said it sold Cheddar to Archetype, a media company owned by private-equity firm Regent, for undisclosed terms.
On Jan. 2, Cheddar employees received an email informing them that they were to suspend work immediately, per the Times. “We would like to have given you more notice of this action, but the decision was necessitated by unforeseen internal and external factors that required rapid adjustments in our business strategy,” the message said.
Reps for Archetype and Regent did not respond to requests for comment. A spokesperson for Altice USA referred inquiries to Cheddar’s new owners.
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