Nas’ Queensbridge Venture Partners has reached a deal with media giant Viacom to acquire free streaming television service Pluto TV for $340 million.
The platform has developed over 130 partnerships with media networks since its founding in 2013 and streams over 100 channels and thousands of hours of on-demand content, including sports. news, and cartoons.
“Today marks an important step forward in Viacom’s evolution, as we work to move both our company and the industry forward,” said Viacom President and CEO Bob Bakish in a press release. “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.”
Queensbridge Venture Partners invested in Pluto TV in 2014.
It’s another win for Nas, whose firm has also invested in Lyft, Casper, Genius, and Dropbox.