The future looks uncertain for the staffers of Cheddar News, the once-promising financial news network. The New York Times reported that the new owners of Cheddar News, Archetype, have furloughed employees due to unforeseen circumstances.
A Sudden Shift
Cheddar, founded in 2016 and acquired by Altice USA in 2019 for $200 million, recently changed hands. Altice USA sold Cheddar to Archetype, a media company owned by private-equity firm Regent. However, the terms of the deal remain undisclosed.
Abrupt Suspension
On January 2, Cheddar employees were shocked to receive an email announcing an immediate suspension of their work. The message cited unforeseen internal and external factors that required rapid adjustments in the business strategy. Unfortunately, it offered little notice or explanation.
Silence From New Owners
Representatives for Archetype and Regent have not yet responded to requests for comment. Altice USA, the former owner, referred inquiries to Cheddar’s new owners. This lack of information further compounds the uncertainty surrounding the future of Cheddar News and its staff.
The Archetype Portfolio
Archetype, the media company behind Cheddar News, boasts an impressive roster of news and lifestyle brands. Their list includes Sunset Magazine, Military Times, Army Times, Defense News, Federal Times, and HistoryNet. The acquisition of Cheddar News also included RateMyProfessors.com, which Cheddar had acquired from Viacom in 2018.
Cheddar’s Founder
Cheddar was the brainchild of Jon Steinberg, who previously served as president and COO of BuzzFeed. Earlier this year, Steinberg transitioned into the role of CEO at publishing company Future plc.
A Voice for the Future
In a statement released on December 28, Archetype expressed excitement about assisting Cheddar News in expanding its reach as the “Voice of What’s Next.” They aim to empower new audiences to be well-informed and engaged citizens in an ever-changing world.
Altice USA’s Perspective
Keith Bowen, President of Altice USA’s news, advertising, and programming, praised Cheddar News for its growth and fresh content. He expressed confidence in Archetype’s ability to take the network to the next level, allowing Altice USA to focus on its telecommunications, advanced advertising, and hyperlocal news businesses.
As the dust settles on the sale and subsequent furloughs, the Cheddar News staff is left to wonder about their future in an evolving media landscape.
This article is brought to you by F5 Magazine.