Some of you might know about Pluto TV. It’s a free, ad-supported TV streaming service that provides access to hundreds of channels through its website and mobile apps. There’s no monthly subscription, you can watch the content for free as long as you’re willing to put up with advertisements. It has caught Viacom’s attention which has decided to acquire Pluto TV for $340 million in cash.

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Viacom officially announced today that it has entered into a definitive agreement to acquire Pluto TV for $340 million in cash. Pluto TV was founded in 2013 and streams over 100 channels which range from news, sports, lifestyle, comedy, cartoons, and more. The ad-supported internet-based TV streaming service has more than 130 partnerships with media networks and major studios.

What value does Viacom think Pluto TV will be able to bring to its service? The company is effectively going to treat it as a funnel for its paid streaming services which include Noggin and Comedy Central Now. This acquisition does provide Viacom with direct access to millions of consumers and will serve as an important marketing engine to acquire and retain consumers for the aforementioned services.

Moreover, it also provides a new distribution outlet for Viacom Digital Studios’ content over and above the AwesomenessTV channel that’s currently available on Pluto TV.

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