Viacom to Expand Presence Across Next-Generation Distribution Platforms with Proposed Acquisition of Pluto TV
Century City, CA – Cable and media giant Viacom is poised to bring their library of shows and films to the ad-supported streaming television platform Pluto TV in a Paul Hastings-led deal. The proposed $340 million acquisition brings together the category leader in free streaming television with Viacom’s global reach, leading brands, advanced advertising capabilities and remarkable library of content.
Consumers continue to shift their content consumption habits, and Viacom is now in position to not only create a scaled direct-to-consumer offering, but to add billions of addressable advertising impressions, which will further strengthen the company’s ability to serve advertisers and their agencies.
“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, including free,” said Bob Bakish, Viacom President and CEO. “To that end, we see significant white space 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 U.S. and all over the world.”