Viacom buys television streaming service Pluto TV for $340m in cash

Source:AFP Published: 2019/1/23 22:13:42

US media group Viacom announced Tuesday a deal to buy free streaming television service Pluto TV for $340 million in cash to better compete as lifestyles shift to online entertainment.

Viacom properties include Comedy Central, MTV and Nickelodeon, as well as Paramount Pictures.

"Today marks an important step forward in Viacom's evolution," Viacom chief executive Bob Bakish said in a statement.

"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."

Viacom is optimistic about the ad-supported streaming television market, where it plans to work with Pluto TV and a range of partners.

Acquiring Pluto TV will advance Viacom strategic priorities, including "expanding its presence across next-generation distribution platforms and growing its advanced advertising business,"the media company said.

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