Viacom buys the free video streaming service Pluto.tv for $ 340 million – TechCrunch
"Today, it is an important step forward in Viacom's development as we work to move both our company and industry forward. Pluto TV's unique and market-leading product, combined with Viacom's brands, content, advanced advertising capabilities and global scale , creating a great opportunity for consumers, partners and Viacom, says Bob Bakish, Viacom's president and CEO, in a statement. "When the video market continues to segment, we see an opportunity to support the ecosystem by creating products on a broad spectrum of price points, including free. In this respect, we see significant white space in the ad-supported streaming market, and are excited to work with the talented Pluto TV team and a wide range of Viacom partners to accelerate growth in the US and worldwide.
Pluto TV will act as an independent subsidiary of Viacom, and its CEO and co-founder, Tom Ryan, will continue to serve as the managing director of the independent entity.
"Since its launch less than five years ago, and especially over the past year, Pluto TV has had an explosive growth and become a category leader in free streaming TV," said Pluto TV CEO and co-founder Tom Ryan. "Viacom's global portfolio , iconic brands and IP, advanced advertising management and international reach will enable Pluto TV to grow even faster and become a major force in streaming TV worldwide. Viacom is the perfect partner to help us accomplish our mission of entertaining the planet. "The deal is also a benefit for Pluto TV's venture capital investors. Pluto TV has since its creation increased $ 51[ads1].8 million from investors, including USVP, ProSiebenSat.1 Media, Scripps Networks Interactive, Sky, United Talent Agency, Luminari Capital, Chicago Ventures, Pritzker Group and others. [19659005]
