Cheddar News, the media company known for its unique blend of finance and tech news, has been acquired by the private equity-owned media conglomerate Archetype in a groundbreaking earn-out deal.

This development comes after Cheddar’s $200 million sale in 2019, which raised eyebrows in the industry.

Under the terms of the earn-out deal, Cheddar News will continue to operate independently while benefiting from Archetype’s vast resources and expertise in media.

“Cheddar has helped transform the way millennials have accessed television news since its groundbreaking debut broadcast from an iPhone in 2016,” Archetype said in a statement. “We are excited to assist Cheddar in expanding its reach as the definitive independent ‘Voice of What’s Next,’ empowering new audiences to be informed and engaged citizens in an ever-changing world.”

“Archetype is an excellent choice to take the network to the next level while enabling Altice USA to focus on its telecommunications, advanced advertising, and hyperlocal news businesses,” Keith Bowen, president of Altice USA news, advertising and programming, said in his own statement.

The acquisition has left many wondering about the future direction of Cheddar News and how it will evolve under new ownership.

Cheddar News Sheds Jobs

In June, Cheddar News underwent significant changes as it announced layoffs and bid farewell to its star anchor, Baker Machado.

Cheddar News cut jobs across various departments, raising questions about the company’s future direction and its ability to maintain its unique brand of news coverage. The network had been a pioneer in the digital news landscape, catering to a younger audience with its engaging and informative content.

The departure of Baker Machado, one of Cheddar News’ most recognizable faces, had left viewers wondering about the reasons behind this decision.