Viacom completed the la acquisition of Pluto TV

The acquisition for US$340 million of Pluto TV, a leader in free streaming in the US, by Viacom, had been announced in January. The agreement has been consolidated and has become one of the company’s priorities.

“The finalization of this agreement marks an exciting next step in our evolution and a great opportunity to expand our consumer reach and our ability to add value across the industry as a communications media. The landscape continues to become segmented,” said Bob Bakish, president and CEO of Viacom. “Together with Pluto TV, we hope to be stronger partners for distributors, advertisers, content providers and audiences around the world,” he added.

Founded in 2013, Pluto TV broadcasts more than 100 channels and thousands of hours of content on demand, which cover television and movies, sports, news, lifestyle, comedy cartoons, games and trending digital series. Today, it has more than 12 million active monthly users on all the devices, including smart TVs, streaming devices, desktop computers, and game consoles.

Pluto TV will operate like a subsidiary independent from Viacom, led by Tom Ryan as president. The company will have a crucial role in the expansion of the presence of Viacom through next-generation distribution platforms, as an independent, free OTT, a direct cornerstone towards the consumer.