Nas Does It Again: Investment In PlutoTV Pays Off - Viacom Buys For $340 Million
(AllHipHop News) Rap star Nas' hot streak in the world of investing continues through his Queensbridge Venture Partners.
Last year, the rapper star saw two early investments pay off handsomely.
First, the company Pillpack was acquired by Amazon for a whopping $1 billion and later on in 2018, Ring was also purchased by Amazon for $1 billion.
Now, the rapper has done it again with PlutoTV. Nas' QVP invested millions into the company back in November of 2014, and now the company has just been bought for $340 million in cash.
After weeks of speculation, Viacom has confirmed it has purchased Pluto TV, which streams more than 100 channels and thousands of hours of on-demand content spanning television and movies, sports, news, lifestyle, comedy, cartoons, gaming and trending digital series.
The ad-supported, internet-based TV service has over 130 partnerships with media networks, major film and television studios and a wide range of digital content producers.
“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," said Pluto TV CEO and Co-Founder Tom Ryan. "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.”
Other investors include Universal Music Group, U.S. Venture Partners, Luminari Capital, Samsung, and others.