Altice USA said it sold Cheddar News to media company Archetype, which is owned by private equity form Regent LP, Drew Richardson and Alex Sherman of CNBC 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, reports CNBC. Those payments could amount to about $50M based on internal projections, CNBC previously reported. Cheddar was bought by Altice USA in 2019 for $200M. “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.
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