Viacom Inc. (NASDAQ: VIAB, VIA) is to acquire Pluto TV, a Los Angeles, CA-based free streaming television service in U.S., for $340m in cash.
The acquisition will advance Viacom’s key strategic priorities, including expanding its presence across next-generation distribution platforms and growing its advanced advertising business. For Pluto TV, access to Viacom’s global reach, leading brands and library will solidify it as the leader in the free streaming video market in the U.S., and accelerate global growth.
Founded in 2013, Pluto TV streams more than 100 channels and thousands of hours of on-demand content spanning television and movies, sports, news, lifestyle, comedy, cartoons, gaming and trending digital series. The ad-supported, internet-based TV service features programming sourced from over 130 partnerships with media networks, major film and television studios and a wide range of digital content producers.
Today, Pluto TV has more than 12 million monthly active users, 7.5 million of which are on connected TVs. Its audience streams billions of minutes of content each month across devices such as Roku, Amazon Fire TV, Android TV, Apple TV, Chromecast, and Sony PlayStation consoles, as well as built-in integrations on smart TVs from Samsung and Vizio, and mobile apps on Android and iOS.
The company has also secured new distribution deals that will make the service available on tens of millions of additional devices in the coming months.
CEO and Co-Founder Tom Ryan will continue to serve as CEO of Pluto TV, which will operate as an independent subsidiary of Viacom upon closing of the transaction.
The transaction is expected to close in the first quarter of 2019 and is subject to customary closing conditions and regulatory approval.
Pluto TV also has offices in New York, Silicon Valley, Chicago and Berlin.
FinSMEs
24/01/2019