NEW YORK--(BUSINESS WIRE)--Cheddar, the leading post cable networks company, announced today the launch of CheddarU, a live news network available on 1,600 TV screens on over 600 college campuses, reaching nine million students. CheddarU comes as a result of Cheddar’s acquisition of Viacom’s MTV Networks on Campus, the distribution platform for Viacom’s campus-based service, MTVU, which currently has an average minute audience of 39,000 Adults (Nielsen Spring 2018 measurement report) and is the largest millennial college cable channel in the U.S. Additionally, it is also the #1 digital out of home network among A18-24.
In time for students to return to campus this August, Cheddar will broadcast live, non-partisan headline news, technology coverage, and startup stories to the newly rebranded CheddarU network. From Harvard University to the California State University system, students across the country will be able to watch and access Cheddar from their dorm rooms and public spaces 24 hours a day, 7 days a week.
“We’ve now combined our live news offering with our own distribution. We own our content; we own our pipes. In live news, no one will have a larger college audience, and we will invest in our content every minute of every day to inform, entertain, and inspire this audience. From our studios, through our control rooms, to our encoders, through our satellite uplink and downlink, right to the TV screens, now, no one sits between Cheddar and our viewers,” said Jon Steinberg, Cheddar Founder and CEO.
CheddarU screens are currently available for viewing in campus cafeterias, gyms, and other public spaces, as well as campus cable television systems. The CheddarU service is available free of charge, including hardware and installation, to all qualifying campuses in the U.S.
Chegg and Pandora will be the official launch sponsors of CheddarU. Chegg will collaborate with Cheddar on programming focused on education, study, and professional development. Pandora will be CheddarU’s official music partner focused on daily coverage of artists, playlists, and music charts.
“Music is part of the fiber of the college experience," said Pandora CEO Roger Lynch. “Playing a role in Cheddar U's launch as the official music partner is a great opportunity to reach millions of students with updates and insights on what's trending, who's touring and just the right playlist for Friday night.”
“Chegg is the defining college learning platform and now Cheddar is the largest campus news network. We are excited to partner with Cheddar on content around learning, study, and career development,” said Dan Rosensweig, CEO of Chegg.
All of Cheddar’s valued partners, such as Dunkin’, TradeStation, Fidelity, Ally, HP, E*TRADE, and Goldman Sachs will benefit from this massive increase in live viewership of their branded content segments and integrations.
CheddarU sits inside ChedNet, the newly-formed, location-based video division of Cheddar. Live news and business news programming aimed at millennial audiences is now available free of charge, including hardware and installation, to all qualifying hotels, airport lounges, stadiums, restaurant/bar chains, and other qualifying locations.
MTVU will remain in the MTV portfolio of networks, and will continue to be available through linear distributors.
LionTree Advisors served as financial advisor to Cheddar in connection with the transaction.
Source: Nielsen Place Based Video Measurements Spring 2018 and Fall 2017.
About Cheddar
Cheddar is the leading post-cable networks company. Its programming is available on Sling TV, Hulu, YouTube TV, Snapchat, Amazon, Twitter, 60% of smart TVs in the U.S., and Facebook. Cheddar currently broadcasts two live video news networks: Cheddar, a business news network covering the most innovative executives, founders, products, and technologies transforming our lives and economy, and Cheddar Big News, a fast-paced, young, non-partisan general news and headline news network. The company broadcasts from the trading floor of the New York Stock Exchange, its street level studio in the glass corner of the Sprint Store in the Flatiron Building, WeWork in Los Angeles, and the White House. Cheddar was founded by Jon Steinberg, President and Chief Operating Officer of BuzzFeed from 2010 to 2014. Its investors include Lightspeed Venture Partners, Raine Ventures, Goldman Sachs, Liberty Global, Comcast Ventures, AT&T, Amazon, Antenna Group, Ribbit Capital, The New York Stock Exchange, Altice USA, 7 Global Capital, and Denstu Ventures.