Apr 30, 2019

Cheddar acquired by Altice USA for $200 million

Cheddar CEO and founder Jon Steinberg. Photo: Matthew Eisman/Getty Images

Cable provider Altice USA announced Tuesday that it acquired the streaming news network Cheddar for $200 million, the Wall Street Journal reports.

Why it matters, via Axios' editor-in-chief Nicholas Johnston: The move comes as a sign that Altice, a relative unknown, is jumping into the streaming wars.

The backdrop: Altice and Cheddar's relationship dates back to 2017, when Altice first invested in the live-streaming news startup.

  • Cheddar, launched in January 2016 by CEO and founder Jon Steinberg, managed to successfully negotiate deals on a variety of platforms without affiliate fees, allowing the company to build its distribution to become available in 40 million pay-TV homes — as well as on free, ad-supported services.

Details: The all-cash deal is built on the idea that Altice can raise the profile of its budding news unit, which includes News12, an umbrella of New York news networks, acquired via Cablevision in 2016. Steinberg will transition into the role of president of Altice News.

What they're saying:

  • "Cheddar has demonstrated an innovative approach to live news while building an engaged audience, solid followership and a strong brand," Altice USA CEO Dexter Goei said in the official announcement.
  • Steinberg added the goal of the deal is to make Altice News "a leader in local, business, national, and international news everywhere as we look to build a live news offering for customers in the traditional pay TV ecosystem."

Go deeper: Even Grandma is streaming TV now

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Top Trump ally sounds 2020 election alarm over coronavirus response

Photo: Jim Watson/AFP via Getty Images

There is growing concern among top conservative leaders that the Trump administration isn't addressing the long-term economic impact of the coronavirus, several sources tell Axios. One top adviser said if the recovery is bungled it could cost President Trump the election.

What we're hearing: "The next 4-8 weeks is really going to decide whether Trump gets reelected," Stephen Moore, Trump's former nominee for the Federal Reserve board, told Axios. If the administration mishandles its economic recovery efforts, he said, Trump is "in big trouble."

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 1,600,427 — Total deaths: 95,506 — Total recoveries: 354,006Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 465,329 — Total deaths: 16,513 — Total recoveries: 25,410Map.
  3. Public health latest: U.S. has expelled thousands of migrants under a CDC public health orderDr. Anthony Fauci said social distancing could reduce the U.S. death toll to 60,000.
  4. Business latest: The Fed will lend up to $2.3 trillion for businesses, state and city governments — After another 6.6 million jobless claims, here's how to understand the scale of American job decimation.
  5. 2020 latest: Top conservative leaders are concerned the Trump administration isn't addressing the virus' long-term economic impact.
  6. States latest: FEMA has asked governors to decide if they want testing sites to be under state or federal control.
  7. World latest: Lockdowns have led to a decline in murders in some of the world's most violent countries — Boris Johnson is moved out of the ICU but remains in hospital with coronavirus.
  8. In Congress: Senate in stalemate over additional funding for small business relief program.
  9. 1 SNL thing: "Saturday Night Live" will return this weekend in a remotely produced episode.
  10. What should I do? Hydroxychloroquine questions answeredPets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  11. Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

Federal court temporarily blocks coronavirus order against some abortions

Gov. Greg Abbott. Photo: Tom Fox-Pool/Getty Images

A federal judge ruled Thursday that clinics in Texas can immediately offer medication abortions — a pregnancy termination method administered by pill — and can also provide the procedure to patients nearing the state's time limits for abortions.

Driving the news: The decision comes after federal appeals court ruled 2-1 on Tuesday in favor of an executive order by Republican Gov. Greg Abbott that prohibits abortions during the coronavirus outbreak.

Go deeperArrowUpdated 9 hours ago - Politics & Policy