Altice USA is exploring strategic options for Cheddar News, including a potential sale, according to the New York Times’ Dealbook newsletter.
Three people who spoke on the condition of anonymity told the outlet that the cable giant has hired Goldman Sachs to assist with the process. The people emphasized that Altice is still weighing its options and could decide against a sale.
Representatives for Altice USA and Goldman Sachs declined to comment.
The financial live streaming news network, which is aimed at millennials and broadcasts daily from the New York Stock Exchange, was purchased by Altice for $200 million in 2019.
Launched in 2016 by founder Jon Steinberg, Cheddar is available in more than 40 million pay-TV homes through both MVPDs and virtual MVPDs such as YouTube TV, Sling, Hulu Live, and DirecTV NOW. The company also distributes programming on ad-supported streaming platforms PlutoTV, Xumo, and The Roku Channel and has a network of 1,600 owned and operated screens on 600 campuses.
In the first quarter of 2023, Altice’s revenue fell 5.3% year over year to $2.29 billion, including a 5.6% drop in its residential segment, a 1.1% decrease in its business services segment and a 13.9% decline in its news and advertising segment. The company will report its quarterly results for the second quarter of 2023 on Aug. 2.
Shares of Altice USA climbed more than 3% during Monday’s trading session following the announcement, but are down approximately 70% in the past year.
