In December 2015, I was catching up with Jon Steinberg at the Goldman Private Company Internet Conference when he told me about his plans to remake TV news in an OTT world. Well, all it took was that initial conversation, and we were convinced — within the month, Lightspeed led Cheddar’s first round of financing.
Over the last few years, Cheddar has dramatically grown its reach and revenue and set the standard for new media companies doing live video. Its strategy has been emulated by others as it has pioneered a new category. But none have matched its relentless execution — companies are a reflection of their founders, and Jon Steinberg is nothing if not relentless.
Today is the end of our journey with Cheddar, but the beginning of a new chapter for the company as it joins the Altice USA family.
Altice recognizes that the skinny bundles from the likes of YouTube TV, Sling, Hulu Live, Pluto, Roku and others have had a profound impact on TV viewing in general, and on news in particular. Altice is combining Cheddar with their existing hyperlocal and international news businesses to create a full spectrum new offering, and Jon will lead the combined entity.
Congratulations to Altice USA and to the whole Cheddar team. We know that you will continue to do great things as you redefine the way we think about and consume media and entertainment.
You can read more about the acquisition here in today’s Wall Street Journal: Altice USA Buys Streaming-Video Network Cheddar for $200 Million.
And to watch today’s news on Cheddar, visit https://cheddar.com/.
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