Viacom Completes Pluto TV Acquisition, Strengthens Video Offers

Viacom has completed its acquisition of streaming video service Pluto TV, which was first announced in January. The deal valued Pluto at $340 million, all in cash.

Tom Ryan will serve as president-CEO of Pluto, which will act as an independent subsidiary of Viacom.

With the deal done, Viacom elaborated on where it sees Pluto TV in its business strategy.

Viacom says it plans to accelerate Pluto’s growth, while the streaming service “will advance Viacom’s strategic priorities across multiple touchpoints.”

Specifically, Viacom will not only use Pluto as a free OTT streaming service and new source of direct-to-consumer relationships, but as a zero-incremental cost video solution for mobile companies, OTT distributors and wired broadband distributors. 

advertisement

advertisement

As more consumers cut or shave the cord, Viacom will partner with internet providers to offer Pluto TV to their internet customers as a free value-add.

That, in turn, is intended to enhance Viacom’s advanced marketing solutions business, which provides targeted ad solutions.

Viacom says it will use its content library, marketing capabilities and existing TV brands to bolster Pluto TV’s audience and reach.

Next story loading loading..