Cheddar News furloughs workers days after being sold by Altice USA: report
NY Post
Financial news channel Cheddar News reportedly laid off several staffers Tuesday — just days after the network targeting millennials was sold by cable company Altice USA.
“We would like to have given you more notice of this action, but the decision was necessitated by unforeseen internal and external factors that required rapid adjustments in our business strategy,” Cheddar News management told employees in a memo cited by the New York Times.
It is unclear how many employees were laid off by new owners Archetype, the media company whose holdings include Army Times and Defense News.
Last week, Altice USA, the fourth-largest cable provider behind Comcast, Charter and Cox, announced the sale of Cheddar, which had an estimated 130 workers.
Terms of the deal were not disclosed.
The Post has sought comment from Cheddar, Archetype and its parent company, the California-based investment firm Regent.
