Altice USA has agreed to buy Cheddar for $200 million, betting founder Jon Steinberg can continue to expand the company's news offerings.
Rather than collecting fees from providers, the company has made money through advertising and is on pace to double its revenue to about $50 million this year, Goei said.
Goei said he was impressed that Steinberg took a niche idea — business news for young people — and grew it into a respectable business through entrepreneurial force.
The deal for Cheddar was all in cash, though Steinberg, who owns a significant stake, will use half of his proceeds to buy Altice USA stock, Goei said. Steinberg couldn't immediately be reached for comment. Cheddar raised $54 million in venture funding from investors including AT&T, Comcast Ventures (owned by CNBC parent
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