Viacom intends to acquire Pluto TV, an ad-supported streaming service that is free to consumers, for $340 million in cash.
Once the transaction closes, Pluto TV will operate as an independent subsidiary of Viacom, according to a news release.
“As the video marketplace continues to segment, we see an opportunity to support the ecosystem in creating products at a broad range of price points, including free,” said Bob Bakish, Viacom President and CEO, in a statement. “To that end, we see significant white space in the ad-supported streaming market and are excited to work with the talented Pluto TV team, and a broad range of Viacom partners, to accelerate its growth in the U.S.
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