“What better than two billionaires?” he asked, quoting Jay’s line from the song “Family Feud.” “Three, ‘specially if the third one gonna be me.”
Well, Mr. Jones may be well on his way to accomplishing that goal, because according to Businesswire, the media juggernauts Viacom purchased the Pluto TV Streaming Service for $340 million. The firm launched Pluto TV by investing in it nearly five years ago.
The streaming service allows users to access over 100 channels, as well as on-demand movies. The company has already partnered with movie studios, major TV networks, digital media companies and publishers. The service is also compatible with all streaming devices and will be available at various price points, even free, according to Bob Bakish, Viacom’s president and CEO.
“Today marks an important step forward in Viacom’s evolution, as we work to move both our company and the industry forward,” he said in a statement. “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,” he added.
This isn’t the first major win for Nas and Queensbridge Venture Partners. The rapper’s firm was an early investor in Lyft, the website Genius and the online pharmacy company Pillpack, which Amazon purchased for $1 billion in June of last year.