Fresh off a slew of layoffs, including on-air talent, Altice USA is now considering a sale of its millennial streaming news outlet Cheddar, according to a New York Times report.
Dealbook reports: “Altice USA has hired Goldman Sachs to help explore strategic alternatives for Cheddar News, according to three people with knowledge of the matter. They cautioned that Altice is still weighing its options and may decide against a sale.”
Neither Altice USA nor Goldman responded to a Times’ request for comment.
Cable company Altice USA bought the startup for a hefty $200 million in 2019, and continues to own and operate the streaming news channel.
Cheddar was launched by former Buzzfeed founder, president and COO Jon Steinberg in 2016 as something of a “CNBC for millennials,” seemingly the future of financial news, featuring interviews with c-suite executives, newsmakers and journalists from the floor of the New York Stock Exchange.
However, unlike most TV channels, Cheddar didn’t strike traditional deals with TV providers, relying mostly on ad revenue, and when you’re a media company competing against tech giants for a share of the digital ad market in this day and age, that’s tough sledding.