NEW YORK –
Viacom Inc. (NASDAQ: VIAB, VIA) today announced that it has completed
the acquisition of Pluto TV, the leading free streaming television
service in the U.S.
The acquisition, previously
announced on January 22, 2019 for $340 million in cash, will advance
Viacom’s strategic priorities across multiple touchpoints, while
solidifying Pluto TV’s leadership in the domestic free streaming video
market and accelerating its growth globally.
“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 Bob Bakish, Viacom President and
CEO. “Together with Pluto TV, we look forward to becoming a stronger
partner to distributors, advertisers, content providers and audiences
around the world.”
Founded in 2013, Pluto TV streams more than 100 channels and thousands
of hours of on-demand content spanning television and movies, sports,
news, lifestyle, comedy, cartoons, gaming and trending digital series.
Today, it has more than 12 million monthly active users across devices,
including smart TVs, streaming players, mobile devices, desktops and
gaming consoles.
Pluto TV will have a crucial role in expanding Viacom’s presence across
next-generation distribution platforms as a standalone free over-the-top
(“OTT”) 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.
At the same time, Pluto TV accelerates Viacom’s advanced marketing
solutions (“AMS”) business, serving as a very significant incremental
source of targeted inventory – particularly against younger demographics
– thereby strengthening Viacom’s ability to serve advertising customers
and their associated agencies.
Viacom’s global scale, marketing capabilities, iconic brands and vast
content portfolio will help Pluto TV strengthen its offering across
important genres, solidify its leadership in the domestic free streaming
video space and accelerate its growth internationally, benefiting both
existing and forthcoming partners.
Pluto TV will operate as an independent subsidiary of Viacom, led by
President and CEO Tom Ryan.
About Viacom
Viacom creates entertainment experiences that drive conversation and
culture around the world. Through television, film, digital media, live
events, merchandise and solutions, our brands connect with diverse,
young and young at heart audiences in more than 180 countries.
For more information on Viacom and its businesses, visit www.viacom.com.
Keep up with Viacom news by following us on Twitter (twitter.com/viacom),
Facebook (facebook.com/viacom)
and LinkedIn (linkedin.com/company/viacom).
About Pluto TV
Pluto TV is the leading free streaming television service in America,
delivering 100+ live and original channels and thousands of on-demand
movies in partnership with major TV networks, movie studios, publishers,
and digital media companies. Pluto TV is available on all mobile, web
and connected TV streaming devices and millions of viewers tune in each
month to watch premium news, TV shows, movies, sports, lifestyle, and
trending digital series. Headquartered in Los Angeles, Pluto TV has
offices in New York, Silicon Valley, Chicago and Berlin.
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