Altice USA Considers Sale of Cheddar News Following Stock Declines

Altice USA has hired Goldman Sachs to explore strategic options for Cheddar News, including a potential sale.
Cheddar was acquired by Altice in 2019 for $200 million but has underperformed expectations.
A sale of Cheddar would represent a retreat from Altice's previous investment in building up its news division.
Altice's stock price has declined 70% over the past year amid falling profits and revenues.
Cheddar relies more on advertising compared to Altice's traditional cable business model focused on carriage fees.