Viacom procures Free VoD Service Pluto TV for $340 Million

The Los-Angeles based IPTV service Pluto TV has been acquired by Viacom for $340 million. This move is supported by Viacom’s desire to enter the OTT market.

The ad-supported VoD service Pluto TV offers viewers with a variety of contents free of cost. It has around 12 million monthly users streaming content over a range of devices such as Roku, Fire TV, Apple TV, etc.

This acquisition is expected to help Viacom in further dealings with other pay-TV owners. According to the CEO of Viacom, Bob Bakish, “We see significant whitespace in the ad-supported streaming market and are excited to work with the talented Pluto TV team, and a broad range of Viacom partners, to accelerate its growth in the US and all over the world.”