New York: Viacom has announced that it is buying free TV streaming service Pluto TV for USD 340 million in cash as it aims to expand its services in the online domain.
Pluto TV, founded in 2013, is ad-supported, internet-based service that streams over 100 channels of on-demand content. It has 12 million monthly active users who stream content across devices such as Roku, Amazon Fire TV, Apple TV, Android TV, and so on.
As CNET reported, the acquisition makes Viacom the latest gigantic company to hop on the streaming-video brigade.
Viacom, which was once the disruptive TV upstart, is now struggling to retain the young audience amidst the Netflix boom and smartphone-based content consuming audience.
Viacom’s acquisition of Pluto TV is expected to close in the first quarter of 2019.