Viacom,
on Tuesday, has revealed that it has agreed to buy the Los
Angeles-based, video streaming service, Pluto TV, and will be paying
$340 million in cash for the acquisition.
The streaming service was founded by Pluto Inc. in 2013, which is a multiplatform service. It works like an app and runs over devices like Apple TV, Android TV, Amazon Fire TV, Chromecast, Roku, and PlayStation consoles. The Internet-based service does not require any cable connection and streams more than 100 channels. It also supports on-demand content like movies, sports, news, comedy, cartoons, gaming, etc.
Image Source: utaunhp.info
The
acquisition of this ad-supported service is an initiative from
Viacom, through which the company will enter into the wireless video
streaming business and cut the cord for the consumers. With the
takeover, the company will also get the chance to negotiate with the
other pay-TV distributors and expand its own presence in the
streaming TV business as well.
The owner of MTV, Comedy Central and VH1, Viacom, has seen a fall in its profits by 50% in the past five years, so the decision to acquire a streaming service might prove as great help for the company, since right now it needs to be relevant to the current trends to remain in the business.
The CEO of Viacom, Bob Bakish, said in a statement, “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.”
Having
over 12 million monthly active users, Pluto TV, automatically, will
provide Viacom with direct access to millions of consumers. After
completion of the acquisition, the company also plans to add a
premium, free service for broadband-only and other subscribers.
Pluto
TV will be operating as an independent subsidiary of Viacom, and the
current CEO of the company, Tom Ryan, will serve as the same, even
after the acquisition. The transaction may close in the first
quarter.
Yashica is a Software Engineer turned Content Writer, who loves to write on social causes and expertise in writing technical stuff. She loves to watch movies and explore new places. She believes that you need to live once before you die. So experimenting with her life and career choices, she is trying to live her life to the fullest.
In every century, there comes a person who brings a revolution to the world and the world witness a new wave of development, after such revolutions. A similar person revolutionized the television industry from 1980 onwards. From starting a 24-hour news channel to broadcasting films, sitcoms and gifting the children with their favourite cartoon channel, this man named Ted Turner, is a television and media magnate.
Early Life
Born on 19th November 1938, in Cincinnati, Ohio, Ted Turner’s original name is Robert Edward Turner III. He was born to parents Robert Edward (Ed) Turner Jr. and Florence (Rooney) Turner. He was the eldest child in the family. His father owned a company, Turner Advertising, which sold billboard ads. His father suffered from bipolar disorder, experiencing mood swings, and vented out his anger on young Ted. After years Ted found out that he too suffered from bipolar disorder just like his father.
Ted was left alone in the Cincinnati boarding school after his father signed up for Navy when World War II broke out. Ed came back after the war and moved to Savannah, Georgia, with his family. He enrolled Ted into Georgia Military Academy. Ted attended McCallie boarding school, in Chattanooga, Tennessee, where he received military training. He wanted to attend the United States Naval Academy, but his father wanted him to attend Harvard. Due to low grades, he had to join the Brown University, in 1956. In 1959, Ted was kicked out of the University for having a woman in his dorm room. He could not earn his diploma and the same year his parents, too, got divorced.
The beginning of Business Career
Ted, then came back South, in 1960, and took up the position of general manager at his father’s company. He was the general manager of Macon, Georgia branch of Turner Advertising. Just in his first year, Ted showed tremendous growth and doubled the revenue of the company. But soon, the company was in a difficult financial condition, when his father bought the company’s competitor, in 1962. This led him into depression and he committed suicide, in March 1963.
Image Source: Forbes
After this shocking incident, Ted engrossed himself more in work. He took the positions of president and CEO at the age of 24, and consequently, made the company a global enterprise. The company boosted in financial profits and was considered to have a monopoly in Savannah, Macon, Columbia, and Charleston. In 1969, Ted bought several Southern radio stations and renamed the company as Turner Communications. He sold the radio stations and purchased a couple of struggling television stations. By 1970, Ted Turner became famous as the owner of the largest advertising company, in the southeastern United States. His investment in television channels proved highly profitable as he believed that people wanted several choices. He also purchased rights to old movies, sitcoms, and some cartoons.
But it was in 1976, that a big leap occurred when the FCC gave him the permission to use satellite technology to transmit content to local cable providers. This led Turner to reach an even larger audience. Now, with more audience base and even more broadcasting options, Turner changed the company’s name yet again to Turner Broadcasting Company. He was constantly on the lookout for new business ideas and expanding his broadcasting to larger and larger audiences. It was in the late 1970s when he came up with an idea of starting a 24-hour news network. And in 1980, he launched Cable News Network (CNN) with the help of Reese Schonfeld who was then appointed as the first president and chief executive officer of the channel.
Throughout the years, Turner was constantly investing to expand his business horizon. In 1976, Turner acquired Metro-Goldwyn-Mayer (MGM), and in 1992, he launched Cartoon Network, which went on to grow one of the most famous cartoon channels, all over the world. In the same year, he launched Turner Network Television and Turner Classic Movies, which made him the leader in both television and internet fields. In 1996, he sold his company to Time Warner for a whopping $7.5 billion. He ventured into yet entirely new business just the next year i.e. a steakhouse serving bison named Ted’s Montana Grill.
Personal Life
Ted Turner married three times and is divorced all the three times. He is the father of five children from his first two marriages. Two from his first wife, Judy Gale, and three from his second wife, Jane Shirley Smith. His most famous marriage was with the actress Jane Fonda, that lasted for ten years and broke over religious disagreements. He is known as the individual owner of largest land in North America.
Harshal Pawar is an avid reader, a TV show addict, and a writer. He has a personal blog brainwork.wordpress.com where he jots down his articles and poetry about love and life.
He is currently pursuing film-making and wishes to bring the words written on a paper to the screen. More of all he is a scorpio.
