Media companies need to consolidate unless they have massive scale, says Jon Steinberg, founder of millennial-focused financial news network Cheddar, which sold to New York cable company Altice USA earlier this year. 

“Cheddar had to be sold,” he said at The Information’s annual Media Bootcamp event in New York City, in an interview on stage with The Information Editor-in-Chief Jessica Lessin. “We needed an ever-increasing sales force, we needed increasing production and hours and people to do deals...we needed scale.”