Viacom enters the streaming business with the purchase of the Pluto TV platform

Founded in 2013, Pluto TV has a base of 12 million monthly active users who enjoy a hundred channels.

Viacom, owner of channels such as MTV, Comedy Central or VH1, has purchased the streaming service Pluto TV for $340 million in cash, with which it intends to fully enter the streaming business as a response to the “cut the cord” strategy.

Pluto TV is a free, advertising-supported service that has given viewers a video option that doesn't require a cable subscription or monthly payments.

Founded in 2013, Pluto TV has a base of 12 million active users monthly they enjoy a hundred channels with movies and television shows on demand.

Viacom plans to add content to Pluto TV from its digital studios without changing the platform's focus on free programming. Viacom will use the service to market subscription products such as Noggin and Comedy Central Now.

Tom Ryan, CEO and co-founder of Pluto TV, will continue to lead the business and operate it as an independent unit of Viacom.