Viacom to purchase Pluto TV for $340 Million

“Viacom Inc. said on Tuesday it will buy Pluto TV, a free video streaming TV service, for $340 million in cash to expand its advanced advertising business,” Reuters reports.

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“Viacom’s moves reflect a rekindled interest in advertising supported digital media kicked off by Roku, a device maker that helped viewers stream online videos on TVs that was spun off from Netflix. Amazon has also launched a free TV service recently,” Reuters reports. “Pluto TV claims 12 million monthly active users and licenses programming from 130 film and TV partners, including Viacom.”

Reuters reports, “It is available on devices made by Roku Inc, Amazon.com Inc, Sony Corp and Apple Inc. The app is also available on smart televisions from Samsung and Vizio.”

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