February 19, 2016
Former Buzzfeed President Jon Steinberg has created a new start-up aimed at providing millennials with short video content focused on business news. With its first round of funding, Steinberg has secured $3 million and hired Yahoo’s Senior Producer Peter Gorenstein as Chief Content Officer.
Cheddar, which will stray away from typical ad revenue and focus instead on distribution deals with streaming services like Netflix, will feature one to two hours of live content daily. The majority of the content will be streamed from the trading floor of the New York Stock Exchange, and then disseminated in shorts across platforms like YouTube.
The launch date has yet to be determined, but Steinberg’s own passion for this kind of news is felt in his statement, “Business news is culture. . . it’s how we’re changing our view of the world.”