Viacom Has Acquired Pluto TV Streaming Service for $340M

Viacom has acquired Los Angeles-based video streaming service Pluto TV for $340 million in cash, both companies confirmed Tuesday.“Today marks an important step forward in Viacom’s evolution, as we work to move both our company and the industry forward,” said Viacom CEO Bob Bakish in a statement. “Pluto TV’s unique and market-leading product, combined with Viacom’s brands, content, advanced advertising capabilities and global scale, creates a great opportunity for consumers, partners and Viacom.”The deal is expected to close in the first quarter, and Viacom plans to run Pluto as an independent subsidiary going forward. Pluto TV CEO Tom Ryan will stay on as the head of the subsidiary, according to Tuesday’s release.Pluto TV is one of a handful of budding ad-supported streaming services. The company has been specializing in a linear-like experience, presenting live streams next to scheduled OTT programming in a grid-like electronic programming guide. It attracts more than 12 million users a month, according to Tuesday’s announcement.