The financial news network Cheddar placed some of its employees on unpaid leave on Tuesday, reports Benjamin Mullin of The New York Times.
Mullin reports, “The news network put the affected workers on furlough, effective immediately, and barred employees from further work, according to an email sent to the employees.
“‘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,’ said the email, which was seen by The New York Times.
“Altice USA, the cable company that owned Cheddar, announced last week that it had sold the network to Archetype, a media company owned by the California investment firm Regent LP. Archetype’s holdings include a portfolio of titles focused on military history, including Army Times and Defense News, and sites including the popular review platform RateMyProfessors.”
Read more here.
