Cable TV company Altice USA is buying the streaming-news network Cheddar for $200 million

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Cheddar's valuation is on the rise.

• Cheddar is being bought by cable company Altice USA for $200 million.
• Cheddar founder and CEO Jon Steinberg will become president of the new company's Altice News unit.
• The web video startup aims to be the business news service for millennials and will help Altice grow its news division.
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"Post-cable" network Cheddar is joining the traditional pay-TV ranks.

The video-news startup founded by former BuzzFeed executive Jon Steinberg is being bought by telecom Altice USA for $200 million, the companies announced on Tuesday.

The video startup has already raised eye-popping funding, especially considering the gloom and doom surrounding digital media. Cheddar was last valued at around $160 million in March 2018 after it raised $22 million in new funding.

It's distributed on several new streaming services including Sling TV and Philo; screens on college campuses; as well as on social networks and even gas station pumps.

The acquisition is meant to help Altice grow its news division with Cheddar's digital reach among professional millennial viewers.