Cheddar (TV channel)

Last updated
Cheddar Inc.
IndustryMedia
GenreBusiness & finance
FoundedJanuary 2016;3 years ago (2016-01)
Founder Jon Steinberg [1]
Headquarters,
US
Number of locations
6 (2017)
Area served
US
Key people
Services streaming media
Broadcast networks
Revenue$11.3 million [3]  (2017 [3] )
Owners
Number of employees
130 [3]
Divisions ChedNet
Cheddar Business
LaunchedApril 2017 (2017-04)
Affiliates Affiliates
Availability
IPTV
AT&T U-verse 1219
Streaming media
Sling TV, YouTube TV, Facebook Live, Amazon Prime Video, Twitter, Vimeo, Philo, Pluto TV, PlayStation Vue, Hulu Live TV, AT&T TV Now
Cheddar News
LaunchedApril 2018 (2018-04)
Streaming media
Sling TV, YouTube TV, Philo, AT&T TV Now, PlayStation Vue
Website cheddar.com

Cheddar Inc. is a live streaming financial news network founded by Jon Steinberg in the United States. Cheddar broadcasts live daily from the floor of the New York Stock Exchange (NYSE), NASDAQ, the Flatiron Building in New York City, and the White House lawn and briefing room in Washington, D.C. [2] covering new products, technologies, and services.

Business channels are TV channels that concentrate on business news.

Jon Steinberg is the former President and COO of website BuzzFeed. In early 2016, he founded Cheddar Inc., a new media company covering tech news and culture, and serves as its CEO. In September 2016, Cheddar received $10 million in funding from Comcast and other investors.

New York Stock Exchange American stock exchange

The New York Stock Exchange is an American stock exchange located at 11 Wall Street, Lower Manhattan, New York City, New York. It is by far the world's largest stock exchange by market capitalization of its listed companies at US$30.1 trillion as of February 2018. The average daily trading value was approximately US$169 billion in 2013. The NYSE trading floor is located at 11 Wall Street and is composed of 21 rooms used for the facilitation of trading. A fifth trading room, located at 30 Broad Street, was closed in February 2007. The main building and the 11 Wall Street building were designated National Historic Landmarks in 1978.

Contents

Cheddar targets millennials by streaming one to two hours of live content from the NYSE trading floor daily, streaming live audio on iHeartRadio, and distributing the videos on video platforms such as Amazon Prime, the Cheddar app, Facebook live, Sling TV, Pluto TV, and YouTube. [4]

Millennials, also known as Generation Y, are the demographic cohort following Generation X and preceding Generation Z. Researchers and popular media use the early 1980s as starting birth years and the mid-1990s to early 2000s as ending birth years, with 1981 to 1996 a widely accepted definition. Millennials are sometimes referred to as "echo boomers" due to a major surge in birth rates in the 1980s and 1990s, and because millennials are often the children of the baby boomers. The characteristics of millennials vary by region and by individual, and the group experiences a variety of social and economic conditions, but they are generally marked by their coming of age in the Information Age, and are comfortable in their usage of digital technologies and social media.

iHeartRadio is a free broadcast, podcast and streaming radio platform owned by iHeartMedia, Inc. It was founded in April 2008. As of 2019, iHeartRadio functions as the national umbrella brand for iHeartMedia's radio network aggregating its over 850 local iHeartMedia radio stations across the United States, as well as hundreds of other stations from various other media. In addition, the service includes more than 250,000 podcasts, offers a Music recommender system and on demand functionality and is the only service that allows listeners to save and replay songs right from live broadcast radio to their digital playlists. The on-demand features require a subscription fee. iHeartRadio is available across more than 250 platforms and 2,000 devices including smart speakers, digital auto dashes, tablets, wearables, smartphones, virtual assistants, TVs and gaming consoles.

Amazon Prime paid subscription service offered by Amazon.com

Amazon Prime is a paid subscription service offered by Amazon that gives users access to services that would otherwise be unavailable, or cost extra, to the typical Amazon customer. This includes free two-day delivery, Two hour delivery for a fee through Prime Now, streaming music and video, and other benefits. In April 2018, Amazon reported that Prime had more than 100 million subscribers worldwide.

According to Steinberg, Cheddar received 148 million views in August 2017 across all of its platforms. [5] On Facebook, 60 percent of Cheddar's viewers are under the age of 35. [4] Accordingly, the daily live shows have been described as "quasi-CNBC for millennials". [6]

CNBC American television news channel

CNBC is an American pay television business news channel that is owned by NBCUniversal Broadcast, Cable, Sports and News, a division of NBCUniversal, with both being ultimately owned by Comcast. Headquartered in Englewood Cliffs, New Jersey, the network primarily carries business day coverage of U.S. and international financial markets; following the end of the business day and on non-trading days, CNBC primarily carries financial and business-themed documentaries and reality shows.

Reportage focuses on stocks and technology. The channel is ad-free; expected revenue comes from carriage agreements with streaming services. [6] Advertising comprises either program underwriting or semi-weekly brand integration. Brand integration advertising costs $100,000 per year. [7]

Cheddar has two feeds, a paid-for and a free version. The pay feed broadcasts eight hours of programming a day, six of them live, and is available via Amazon Prime, PlayStation Vue, Sling TV, YouTubeTV, and the Cheddar app. The free feed broadcasts three hours of new content daily and archived content is available through Facebook and over the air via its affiliated stations. [8] In April 2017, the channel had 100,000 viewers. [1]

PlayStation Vue is an American over-the-top (OTT) Internet television service that is owned by the Sony Interactive Entertainment subdivision of the Sony Corporation of America division of Sony. Launching with a limited major-market rollout on March 18, 2015, the service – which is structured in the style of a multichannel video programming distributor – combines live TV, on-demand video, and cloud-based DVR to stream television programs, movies, and sporting events directly to a PlayStation console or other supported device – including smart TVs, digital media players and apps – without a subscription to a cable or satellite television provider. Targeting cord cutters, PlayStation Vue is designed to complement subscription video-on-demand services. As of September 2018, the service had approximately 745,000 subscribers.

Sling TV American over-the-top internet television service

Sling Television, commonly known as Sling TV, is an American over-the-top internet television service owned by Dish Network. Unveiled on January 5, 2015, at the Consumer Electronics Show, the virtual multichannel video programming distributor aims to complement subscription video on demand services for cord cutters, offering a selection of major cable channels and OTT-originated services that can be streamed through smart TVs, digital media players and apps. The service is available in the United States and Puerto Rico as of 2015.

On April 30, 2019, it was announced that Cheddar agreed to be bought by the cable company Altice USA for $200 million in cash. [9]

Altice USA company

Altice USA, Inc. is an American cable television provider/multiple system operator with headquarters in New York City, with broadband, pay television, telephone services, Wi-Fi hotspot access, proprietary content and advertising services to approximately 4.9 million residential and business customers in 21 states.

History

Formation

Jon Steinberg, former president of BuzzFeed and former CEO of Daily Mail North America , conceived of the concept after leaving Daily Mail in 2015. [4] He considered naming the channel company "Ticker" until Bustle 's founder, Bryan Goldberg, came up with the name Cheddar. [10]

Steinberg founded Cheddar in early 2016 and hired Peter Gorenstein, a senior producer at Yahoo!, as the channel's chief content officer in January 2016. In September 2017, Cheddar hired Anjali Kumar, former Warby Parker executive and Google lawyer, as its first general counsel and chief people officer. [5]

In the company's first financing round in January 2016, it raised nearly $3 million, primarily from Snapchat and Lightspeed's Jeremy Liew, and additional funds from WGI Group, Homebrew, Jerry Speyer, and David Fiszel. [6]

Operating

Cheddar began streaming in April 2016 [1] then on April 11 on Facebook Live [4] with one hour of programming at 9:30 am. [10] Cheddar initially streamed all videos for free, but in May 2016, the company launched a subscription video-on-demand service. Smaller clips continue to be released, but full-length videos are exclusive to subscribers. [11] On May 23, 2016, SirusXM began carrying Cheddar on a channel. [12]

Cheddar raised $10 million in funding on September 6, 2016, all of which was an equity deal from Lightspeed Venture Partners, Comcast Ventures, and Ribbit Capital. [11] [13] Cheddar used the money to increase programming and set up a new studio in Santa Monica, California, becoming the company's fifth studio. [14] [15]

The channel teamed with Bustle to launch its afternoon Extra Sharp show on May 18, 2016. [10] Melissa Rosenthal, a former BuzzFeed executive, was hired in May 2016 as creative development and partnership executive. Five half-hour shows ("Wheels" - automobiles, Points on Point - smart spending, Your Future Home - real estate, Your Cheddar - personal finance, and Cheddar Trading - roundtable discussion on trading) were developed by November 2016, when they were going to shop them to find underwriting. [7] In September 2016, Twitter made a deal with Cheddar to broadcast its daily coverage, with the stated purpose of giving the Twitter community another way to watch and discuss the news live on one platform. [14]

In January 2017, Vanity Fair's Hive business news and Condé Nast Entertainment partnered with Cheddar to create a live weekly series called VF Hive on Cheddar. Graydon Cartern, a Vanity Fair editor, called the series a "representation of how people are consuming more voraciously than ever." [16]

Propagate Content in March 2017 partnered with Cheddar to produce a weekly 45-minute show for international markets. Propagate also became Cheddar's international sales representative. [17] The company purchased StockStream, a Twitch hosted crowd-sourcing investment decision website, from the creator Mike Roberts in July 2017. [12] [18] Also in 2017, Cheddar purchased Need2Know newsletter. [12]

On August 5, 2017, Cheddar opened its second New York studio at the Flatiron Building, in Manhattan. At the time, the channel had 100,000 viewers. The Flatiron studio was built for its Cheddar Life series. [1]

In April 2017, Cheddar started broadcasting on digital UHF stations in five markets and rents the broadcast spectrum from DTV America. Dunkin’ Donuts, a Cheddar advertiser, was handing out free digital antennas at events in the stations' markets, to publicize the over the air launch. [8]

Cheddar announced $19 million in its third round of financing in May 2017, which was led by Raine Ventures along with investors: AT&T, Amazon, Altice USA, NYSE, Lorne Michael's Broadway Video, and some existing investors. To date, the company has raised $32.1 million and has a valuation of $85 million. [15] Cheddar also hired Ross Cooperman, former head of engineering at Knowme Systems, as its chief technology officer. [2]

Cheddar partnered with Univision's Fusion Media Group in June 2017 to air on their Fusion TV cable television every weekday afternoon for two hours. The programming will be available for cable users on DISH, DirecTV, AT&T U-Verse, Verizon Fios, and Charter Communications. [19] [20] [21] Cheddar reports it is on 60 percent of smart TVs throughout the US. [22]

In July 2017, Cheddar partnered with Seeking Alpha to produce an "Idea of the Month" segment. [23] The partnership was extended in early 2018. [24]

KXTV started airing segments on July 27, 2017 from Cheddar during its morning and afternoon news programming as a test for a planned rollout in the Tegna TV station group. [25] These segments were rollout by August to seven News 12 Network cable channels, owned by Altice, [26] then to a handful of additional Tegna stations and WPIX 11. [27] These segments are called Cheddar Local. [28]

On July 27, 2017 the channel was added to the Haystack TV news aggregator app, which is on mobile and OTT platforms. [25] In September 2017, Cheddar announced its deal with Layer3 TV, an IP-based MVPD, [29] and plans to open a broadcast studio in the UK by 2018. [5]

Cheddar in January 2017 launched a 24-hour linear feed on Twitch, the gaming and video platform owned by Amazon. [30] [31] On March 15, 2018, Cheddar announced its new TV show called Crypto Craze about cryptocurrency, which is a thirty-minute show focusing on cryptocurrency trading. [32] Cheddar was one of two news channels on Philo OTT Internet TV MVPD at its November 14, 2017 launch. [33]

In January 2018, Cheddar partnered with MightyHive to extend select client ad campaigns programmatically. [34] [35]

Multichannel company

In March 2018, the company announced its plan to expand internationally and launch two channels, Cheddar Big News (CBN) and a channel on Snapchat Discover after securing its fourth investment round, raising $22 million. The funding round was led by Raine Ventures along with Liberty Global, Goldman Sachs, Antenna Group, 7 Global Capital, Dentsu Ventures, Jeffrey Sprecher, and Kelly Loeffler. As of this investment round, the company is valued at $160 million. Big Cheddar News is a general news streaming channel which launched on April 17. [36] The Snapchat Discover channel, also targeted for an April debut, is to be a general and business news channel. [3]

In April 2018, Cheddar announced its plan to air its live linear network on Hulu. The move comes after Cheddar's deal to bring its news channels to YouTube TV and a month after launching its Snapchat channel. [37] [38] [39]

In May 2018, Cheddar acquired Viacom's MTV Networks on Campus to show its latest channel CheddarU , which will stream content from its flagship financial-news streaming service and segments from Cheddar Big News to 9 million students on more than 600 campuses. Universities that qualify, can receive the CheddarU service for free. CheddarU is part of the ChedNet division of Cheddar, which focuses on installing more screens and broadcasting its service in gyms, hotels, airport lounges, restaurants, bars, among others. [40] [41] In June 2018, Cheddar added another distribution outlet via a carriage deal with virtual MVPD fuboTV, an OTT TV service focused on sports programming. [42] [43] GSTV, Gas Station TV, began running 20 second Cheddar segments in September 2018. [44]

Cheddar bought RateMyProfessors.com and its app in October 2018 from Viacom. [45] In October 2018, the company announced its programming will air for 30 minutes every weeknight on CUNY TV, the independent station by the City University of New York. [28]

In January 2019, Cheddar renamed their two channels to Cheddar Business and Cheddar News and were hiring for a news room. [46] On February 4, 2019, Cheddar launched of "Cheddar Nights" programming block, which will air acquired shows, Out of Tune game show and Entrepreneur Elevator Pitch along with the TV show Nathan for You . [47]

On April 30, 2019, Cheddar announced an agreement to be bought by the cable company Altice USA for $200 million in cash. Altice purchase Cheddar to bolster its news. When the deal closes, Jon Steinberg would become Altice News president overseeing Cheddar plus Altice USA's News 12 Networks and i24 News. [9] [48]

Channels

Programs

Weather forecasts are provided by The Weather Company through its Local Now brand, as part of a content-sharing agreement between Cheddar and The Weather Company. [49]

Over-the-air affiliates

From 2017 to 2019, Cheddar had a brokered programming agreement with five stations owned by DTV America Corporation to carry the channel over-the-air. As of May 2019, that agreement has expired. [8]

City of license/market Station channel [50] Primary
affiliation
(on main channel)
Owner
(Management Company)
Date of affiliation [8]
Cleveland-Akron WQDI-LD 20.2 Estrella TV DTV America April 2017
Jacksonville WRCZ-LD 35.5 Country Network
Kansas City KCMN-LD 42.5 Decades
Sacramento-Stockton-Modesto KFMS-LD47.3Altavision
Tulsa KUOC-LD 48.5 Shop LC

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