Cheddar, the CNBC for millennials, just made a key hire and plans to launch in Europe next year
Cheddar, the business news network that's been called CNBC for millennials, just made a key hire and plans to open its first broadcast studio in the UK next year, CEO Jon Steinberg told Business Insider.
Anjali Kumar, a former Warby Parker exec and top Google lawyer, will be Cheddar's first general counsel and chief people officer. She'll be in charge of expanding Cheddar's rapidly growing list of distribution deals and overseeing its more than 85 employees.
"The company is a deal machine, and I worked with Jon before at Google, so look for us to move even faster in contracting distribution," Kumar said in a press release.
Launched in February 2016 with live business news coverage from the floor of the New York Stock Exchange, Cheddar has since opened multiple satellite studios in locations like Los Angeles, The Hamptons, and the Flatiron building in Manhattan.
Led by Jon Steinberg, the former president of BuzzFeed and CEO of Daily Mail US, Cheddar has raised $32 million in venture capital funding to date. The self-described "post cable network" expects to make $10 million in revenue next year from sponsorships with advertisers like Fidelity and its nearly two dozen deals with distributors like Twitter, Sling, and Amazon.
So far, the many deals are paying off: Cheddar saw 148 million views in August across all of its platforms, according to Steinberg. While initially focused on getting on digital platforms, Cheddar has recently expanded to more traditional cable deals by partnering with local TV stations in New York and California to distribute taped business news stories from Cheddar anchors.
"I never expected us to be this big or have this strong of a brand. It's a testimony to focusing on the content and the big interview gets," Steinberg told BI. "Delivering to all these places and producing 8 hours a day is a task only for the relentless and tireless."