Global media giant Viacom has completed the acquisition of the Los Angeles-based free, over-the-top service Pluto TV.
Viacom first announced its acquisition of the streamer this past January for US$340 million in cash. Pluto TV will now operate as an indie subsidiary of Viacom, led by president and CEO Tom Ryan.
According to Viacom, Pluto TV will help expand the company’s footprint across “next-generation distribution platforms as a standalone free, over-the-top product, a direct-to-consumer cornerstone, and a partnership solution for wired, mobile and OTT distributors to serve their broadband only and video bundle subscribers on a zero incremental cost basis.”
Meanwhile, Pluto TV will gain access to Viacom’s capacity for global scale, marketing, and its portfolio of content, which will expand the OTT’s offerings across various genres.
Founded in 2013, Pluto TV streams more than 100 channels and thousands of hours of on-demand content spanning television and movies, lifestyle, comedy, gaming and trending digital series, and more. The platform has more than 12 million monthly active users across a variety of devices.
“The completion of this deal marks an exciting next step in Viacom’s evolution and a powerful opportunity for us to extend our consumer reach and broaden our ability to add value across the industry as the media landscape continues to segment,” said Viacom president and CEO Bob Bakish (pictured) in a statement. “Together with Pluto TV, we look forward to becoming a stronger partner to distributors, advertisers, content providers and audiences around the world.”