Nas has built Pluto TV into a leading streaming service and now he sells it to Viacom for $340 million.
Nas and his Queensbridge Venture Partners group started the business back in 2013. They offer over 100 channels including sports, news, lifestyle, movies, cartoons, digital series, gaming, and comedy. Pluto TV currently has more than 12 million subscribers and plans to expand its reach to further devices this year.
Viacom President and CEO Bob Bakish said this:
“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. As the video marketplace continues to segment, we see an opportunity to support the ecosystem in creating products at a broad range of price points, including free. To that end, we see significant white space in the ad-supported streaming market and are excited to work with the talented Pluto TV team, and a broad range of Viacom partners, to accelerate its growth in the U.S. and all over the world.”
Pluto TV co-founder Tom Ryan added:
“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. 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.”
Ryan will stay on as CEO of Pluto TV and help Viacom’s giant team navigate the business to new heights and assist with the transition.
Nas released NASIR executive produced by Kanye West back in June and he’s recently dropped videos for “Cops Shot The Kid,” “Adam And Eve,” and “Everything.”
Congratulations to everyone involved in the acquisition.