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"Today marks an important step forward in Viacom's strategy. evolution, as we work to advance our society and the sector. Pluto TV's unique and market-leading product, combined with Viacom's brands, content, advanced advertising capabilities and global reach, creates a tremendous opportunity for consumers, partners and Viacom, "said Bob Bakish , President and CEO of Viacom, in a statement: "As the video market continues to shrink, we see an opportunity to support the ecosystem by creating products at a wide range of prices, including For this purpose, we see an important white space in the advertising-funded streaming market and we are delighted to work with the talented Pluto TV team and a wide range of Viacom partners to accelerate growth in the United States and around the world. "
Pluto Tv will operate as an independent subsidiary of Viacom and its chief executive and co-founder, Tom Ryan, will continue to badume the role of general manager of the independent entity.
"Since its launch less than five years ago, and especially last year, Pluto TV has experienced explosive growth and has become the number one free streaming TV category," said Tom Ryan, CEO. and co-founder of Pluto TV. "Viacom's portfolio of iconic global brands and IP, advanced advertising leadership and global reach will enable Pluto TV to grow even faster and become a major player in global TV streaming. Viacom is the ideal partner to help us fulfill our mission of entertaining the planet. "
The deal is also a victory for venture capitalists of Pluto TV. Since its inception, Pluto TV has raised $ 51.8 million from investors including USVP, ProSiebenSat.1 Media, and Scripps Networks. Interactive, Sky, United Talent Agency, Luminari Capital, Chicago Ventures, Pritzker Group and others.
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