Richardson and Sherman report, “Terms of the deal were not officially disclosed, but a person familiar with the matter told CNBC it is structured as a so-called ‘earn out’ deal. Altice USA will collect proceeds in the future if Cheddar meets certain performance targets. Those payments could amount to about $50 million based on internal projections, CNBC previously reported.
“Cheddar, founded in 2016 by Jon Steinberg, was bought by Altice USA in 2019 for $200 million.
“‘We are incredibly proud of what Cheddar News has accomplished within the Altice USA portfolio, growing its distribution to reach new viewers with fresh and exciting need-to-know news content,’ said Keith Bowen, president of news, advertising and programming for Altice USA, in a statement.”
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