Cheddar News was meant to be a digital-media darling that could rival Bloomberg and CNBC. Now it's reportedly considering a sale — here's how the network was pushed to the brink.
, buyers are more cautious in this environment. That means they're likely to have their diligence microscopes close at hand.
Cheddar hasn't released its internal financials, but Altice's US news and advertising revenues were down nearly 14% year over year, according to Altice USA'sPotential buyers will likely want to review viewership, as well. Cheddar keeps audience metrics close to the vest, but two sources told me earlier this year they'd seen data showing viewership rarely exceeded a few thousand people at a time or the low five figures at most.
Throughout the course of my reporting, I've been contemplating Cheddar's origin story and the vision of its founder, Jon Steinberg, a former top executive at BuzzFeed and Mail Online. He envisaged the network as a harbinger of the digital revolution, hoping to harness the disruptive power of the Internet in the mid-2010s to try to breathe a new ethos into the dry, stodgy world of cable business news.
I wonder how Cheddar OGs like Steinberg, who left the company a few years after its sale to Altice, feel watching the drama play out now that Cheddar may be destined to take on the role of a corporate hot potato, potentially being tossed to yet another owner in the coming months.— to unseat the old ways we all got our download on the day's biggest business headlines.
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