Financial news network Cheddar, the ‘CNBC for Millennials,’ has placed an undisclosed number of employees on unpaid leave.
This development comes after a recent ownership transfer from Altice USA to Archetype, a media company owned by the California-based investment firm Regent.
Staff received an email informing them of the unpaid leave, effective immediately, and restricted them from further work.
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The email read: “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.”
The number of affected employees remains undisclosed, with Regent and Archetype representatives declining to comment on the situation.
Last week, Altice USA announced the sale of Cheddar to Archetype, expanding Regent’s media portfolio.
It includes military-focused titles such as Army Times and Defense News and the popular review platform RateMyProfessors.
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Like many digital media start-ups, Cheddar has grappled with the challenges of the online advertising market in recent years.
In June, Altice USA initiated layoffs affecting anchors of some of Cheddar’s prominent shows and a significant portion of their production staff.
Founded by Jon Steinberg, a former senior executive at BuzzFeed, Cheddar entered the media scene with ambitions to disrupt traditional financial news by leveraging the internet and video streaming.
“Decision was necessitated by unforeseen internal and external factors that required rapid adjustments in our business strategy”
The network’s programming, including shows like “Stretching Your Dollar” and the docuseries “Ready 4 Work,” aimed to engage audiences wherever they were, even at the gas pump.
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Cheddar achieved notable scoops, such as breaking the news of AT&T’s acquisition of AppNexus in 2018.
Altice USA initially acquired Cheddar, then a venture-backed media start-up, for approximately $200 million in 2019.
Regent, Cheddar’s new parent company, has a diverse investment portfolio in media, technology, retail, and consumer products.
It has acquired over 30 businesses since 2015, employing more than 20,000 people globally.
