Home / Business / Viacom Buys Pluto.tv Free Video Streaming Service for $ 340 Million – TechCrunch

Viacom Buys Pluto.tv Free Video Streaming Service for $ 340 Million – TechCrunch

"Today is an important step in the development of Viacom because we are working to advance both our business and the industry. Pluto TV's unique and market-leading product, combined with Viacom's brands, content, advanced advertising capabilities and global reach, provides a great opportunity for consumers, partners and Viacom, "said Bob Bakish, President and Chief Executive of Viacom, in a statement "As the video market continues to segment, we see an opportunity to support the ecosystem in creating products at a wide range of price points, including free." To this end, we see significant advertising space in the ad-supported streaming market and look forward to Partner with the talented Pluto TV team and a broad range of Viacom partners to accelerate growth in the US and around the world. "

Pluto Tv will act as the independent subsidiary of Viacom and Tom Ryan, the CEO and co-founder, will continue as CEO of the una acting unit.

"Since our launch less than five years ago Pluto TV has experienced explosive growth, especially over the past year, and has become the leading provider of Free Streaming TV," said Tom Ryan, CEO and co-founder of Pluto TV. "Viacom's portfolio of global brand and IP brands, advanced advertising management and international reach will enable Pluto TV to grow even faster and play a leading global role in TV streaming. Viacom is the perfect partner to help us fulfill our mission to entertain the planet.

The deal is also a win for the venture capital investors of Pluto TV. Since its inception, Pluto TV has raised $ 51

.8 million from investors including USVP, ProSiebenSat.1 Media, Scripps Networks Sky, the United Talent Agency, Luminari Capital, the Chicago Ventures, the Pritzker Group and others]
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