Altice USA to acquire digital news company Cheddar for $200 million

Altice USA said Tuesday it is acquiring digital news company Cheddar for $200 million. The deal is expected to close in the next two months. Cheddar, which targets a millennial audience, will join Altice USA News, which includes a range of global news services. Cheddar Chief Executive and Founder Jon Steinberg will join Altice USA as head of Altice News, including Cheddar, News 12 and i24NEWS. Cheddar broadcasts 19 hours a day of live news via its Cheddar Business and Cheddar News, a general news network. Altice shares were down 1.5%, but have gained 30% in the last 12 months, while the S&P 500 has gained 11%.

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