Viacom To Buy Pluto TV For $340 Mln In Cash

(RTTNews) - Viacom Inc. (VIAB, VIA) said that it agreed to acquire Pluto TV, free streaming television service in U.S., for $340 million in cash.

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. Pluto TV has more than 12 million monthly active users, 7.5 million of which are on connected TVs, the company said.

"Since our launch less than five years ago, and particularly over the past year, Pluto TV has enjoyed explosive growth and become the category leader in free streaming television," said Pluto TV CEO and Co-Founder Tom Ryan.

The company noted that Ryan will continue to serve as chief executive officer of Pluto TV, which will operate as an independent subsidiary of Viacom upon closing of the transaction.

The transaction is expected to close in the first quarter of 2019 and is subject to customary closing conditions and regulatory approval.