Summary List Placement

In April, Dexter Goei, the CEO of Altice USA, and Jon Steinberg, the founder of Cheddar, virtually addressed a crowd of curious and apprehensive Cheddar employees.

This was a rare joint appearance by the millennial-news network’s two leaders since Altice acquired Cheddar for $200 million in 2019. With layoffs sweeping across the media sphere and everyone working remotely because of the pandemic, staffers scrambled to log in to Microsoft Teams for the Altice-hosted videoconference. (The Cheddar team still used Slack, a holdover from its independent days.)

Steinberg, whom insiders have described as charismatic, relatable, and always looking to the next big thing, focused on the positives.

“They went through slides showing how great viewership was doing across the platform because of COVID,” one former employee Business Insider spoke with. “There was no language in that to indicate that there would be mass layoffs.”

The calls came an hour or two later. Staffers across the newsroom were laid off and furloughed, including Cheddar’s entire Los Angeles bureau and producers and anchors who worked on long-running shows like “Opening Bell” and “Closing Bell.” The cuts were across Altice.

Three sources estimated that Cheddar’s staff was slashed by 30% or more, which would …read more

Source:: Businessinsider – Tech


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