Viacom Buys Free Streaming Service Pluto TV for $340 Million
Viacom acquires Pluto TV in a $340 million cash deal to expand its digital streaming footprint. The free ad-supported service continues to operate independently under its current leadership.
Viacom acquires the free streaming service Pluto TV for $340 million in cash, both companies confirm Tuesday. This purchase marks a significant step in Viacom's strategy to evolve its business and expand its digital footprint. Viacom CEO Bob Bakish states that combining Pluto TV's unique product with Viacom's established brands creates excellent opportunities for consumers and partners alike.
The transaction is expected to close in the first quarter of the year. Following the completion of the deal, Viacom plans to operate Pluto TV as an independent subsidiary rather than absorbing it into the main company structure. This approach allows the streaming platform to maintain its distinct identity and agile operations within the larger corporate ecosystem.
Pluto TV CEO Tom Ryan remains in his leadership role to guide the subsidiary after the acquisition. The partnership leverages Viacom's vast content library and advanced advertising capabilities alongside Pluto TV's market-leading free streaming platform. This move positions Viacom to better compete in the rapidly growing digital streaming market by offering consumers free, ad-supported viewing options.