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Viacom has acquired free streaming platform Pluto TV for $340 million in cash on Tuesday, as the media giant continues to add to its digital presence under CEO Bob Bakish.

“Today marks an important step forward in Viacom’s evolution, as we work to move both our company and the industry forward. Pluto TV’s unique and market-leading product, combined with Viacom’s brands, content, advanced advertising capabilities and global scale, creates a great opportunity for consumers, partners and Viacom,” Bakish said in a statement.

The popular service gives Viacom a new platform to drive viewers to its subscription products like Comedy Central Now and Noggin, while also tapping into the millions of viewers that come to Pluto TV because it’s free.

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Founded in 2013 by Ilya Pozin and CEO Tom Ryan, Pluto TV was created with the idea that despite the growing rise of on-demand video products like Netflix and Hulu, consumers still wanted to consume video in a lean-back environment via 24-hour, TV-like channels. Originally launched with a collection of content pulled from services like YouTube and Vimeo, Pluto TV has grown to offer more than 100 channels and a library of on-demand content from MGM, Lionsgate, and Warner Bros. Driven by its growing content offering and expansion onto platforms including Roku, Chromecast, and Amazon’s Fire TV, the streaming TV service says it now attracts 12 million monthly active users — up from six million in 2017.

“Since our launch less than five years ago, and particularly over the past year, Pluto TV has enjoyed explosive growth and become the category leader in free streaming television,” Pluto TV CEO and Co-Founder Tom Ryan said in a statement. “Viacom’s portfolio of global, iconic brands and IP, advanced advertising leadership and international reach will enable Pluto TV to grow even faster and become a major force in streaming TV worldwide. Viacom is the perfect partner to help us accomplish our mission of entertaining the planet.”

Also Read: Disney Has Already Lost $1 Billion on Streaming Behind Hulu, BAMTech Investments

Ryan will continue to serve as CEO of Pluto TV, which will operate as an independent subsidiary of Viacom upon closing of the transaction, which is expected to take place in the first quarter of 2019.

Tuesday’s acquisition is another step in Bakish’s attempt to make Viacom a major digital player and comes less than a year after Viacom purchased youth-focused AwesomenessTV. Viacom also bought VidCon, the online video conference beloved by teens, in 2018.

15 Buzziest Sundance Movies: From Shia LaBeouf's 'Honey Boy' to 'Leaving Neverland' (Photos)

Park City, Utah, is about to be flush with cash -- and we're not talking about buying apres ski gear. Here are the most buzzed-about titles of the 2019 Sundance Film Festival. (Note: some already have distributors).
"After the Wedding"

Filmmaker Bart Freundlich has enlisted esteemed actresses Julianne Moore and Michelle Williams to lead this adaptation of Danish director Susanne Bier's Oscar-winning film of the same name. After being invited to the wedding of Theresa’s (Moore) daughter, Isabel (Williams) discovers a connection to Theresa that takes her on an unexpected journey into her own past.
Sundance Institute
"Clemency"

Alfre Woodard stars as the warden of a maximum-security prison, who, after striking up a bond with an inmate, is confronted with the complex and often contradictory relationship between good intentions and unrequited desires.
Sundance Institute
"Extremely Wicked, Shockingly Evil and Vile"

Almost two years in the making, Joe Berlinger's take on the notorious serial killer Ted Bundy is finally hitting the big screen. Zac Efron stars as Bundy, and the film will be told from the perspective of Bundy’s longtime girlfriend, Elizabeth, who went years denying the accusations against him, but ultimately turned him into the police. Lily Collins plays Elizabeth. The film also stars Jim Parsons, Haley Joel Osment and Kaya Scodelario.
Sundance Institute
"Honey Boy"

Shia LaBeouf wrote the screenplay for this film, based on his childhood and his relationship with his father. Directed by Alma Har'el, "Honey Boy" also stars Lucas Hedges, FKA Twigs and Noah Jupe.
Sundance Institute
"Imaginary Order"

If you want to feel uncomfortable yet completely fascinated by a film, "Imaginary Order" is the one for you. It follows a suburban mom, played by Wendi McLendon-Covey, who makes mistake after mistake and her psyche crumbles in the aftermath.
Sundance Institute
"Knock Down the House"

Documentaries continue to be huge, and this one details the struggles and meteoric rise of young Puerto Rican bartender Alexandria Ocasio-Cortez from the Bronx to toppling incumbents in an electric primary race for Congress.
Sundance Institute
"Leaving Neverland"

Described as gut-wrenching, this documentary uses interviews with the now-adult men and their families of those who have accused Michael Jackson of sexual abuse to craft a portrait of one of the world's most celebrated icons. HBO will release this doc in the spring.
Sundance Institute
"Native Son"

Renowned African-American history and culture visual artist Rashid Johnson and Pulitzer Prize-winning playwright Suzan-Lori Parks craft a contemporary reworking of Richard Wright’s 1940 novel, bringing its interrogation of fear, violence, race and circumstance into a critical modern context. A24 is the distributor.
Sundance Institute
"The Great Hack"

In 2018, Facebook came under fire many times for its use and misuse of users' personal data. That was never more apparent than the explosive Cambridge Analytica/Facebook data breach that this doc explores. Netflix will distribute this documentary.
Sundance Institute
"The Report"

Hot off his awards run for "BlacKkKlansman," Adam Driver is back in "The Report" alongside Jon Hamm, Jennifer Morrison and Maura Tierney. The film, directed by Scott Z. Burns, follows CIA agents and their interrogation tactics in the quest to find those behind the 9/11 attacks.
Sundance Institute
"Untouchable"

Harvey Weinstein, both in his rise and in his monstrous fall, changed Hollywood forever. "Untouchable" explores how he acquired and deployed his formidable power over the course of decades.
Sundance Institute
"Velvet Buzzsaw"

"Nightcrawler" director Dan Gilroy reunited with Jake Gyllenhaal for the high-art thriller "Velvet Buzzsaw," which also stars Rene Russo, Toni Collette and Natalia Dyer. Netflix will distribute this movie.
Netflix
"The Farewell"

Awkwafina, one of the breakout stars of 2018, stars in this film about a family that opts not to tell their beloved matriarch about her lung cancer diagnosis, instead scheduling an impromptu wedding-reunion back in China. The film is based on director Lulu Wang's true story she told on NPR's popular podcast, "This American Life."
Sundance Institute
"Luce"

This psychological drama stars Kelvin Harrison Jr., Octavia Spencer and Naomi Watts. It follows a couple that is forced to reevaluate the image of their adopted son after his high school teacher finds something alarming in his locker.
Sundance Institute
"Brittany Runs a Marathon"

Jillian Bell leads the cast of this comedy that follows a young New Yorker who discovers she has elevated blood pressure and a high heart rate. Soon, she starts running, and increases her distance by a mile a day. Buyers have expressed interest in this inspirational yet entertaining tale.
Sundance Institute

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Sundance 2019: Film fanatics will brave the cold to see these hot films in Park City, Utah

Park City, Utah, is about to be flush with cash -- and we're not talking about buying apres ski gear. Here are the most buzzed-about titles of the 2019 Sundance Film Festival. (Note: some already have distributors).

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