New York rapper Nas is out here proving he doesn’t have to solely live off music anymore. The hip-hop veteran’s Queensbridge Venture Partners and Viacom have agreed on a multi-million deal for his Pluto TV streaming service.
According to reports, Nas’ digital investment has secured nearly $350 million from the media giant.
Viacom Inc. today announced that it has entered into a definitive agreement to acquire Pluto TV, the leading free streaming television service in U.S., for $340 million in cash. Founded in 2013, Pluto TV 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 features world-class programming sourced from over 130 partnerships with media networks, major film and television studios and a wide range of digital content producers. (Business Wire)
Pluto TV has made a name for itself in a competitive streaming field with free content and on-demand movies.
Pluto TV is the leading free streaming television service in America, delivering 100+ live and original channels and thousands of on-demand movies in partnership with major TV networks, movie studios, publishers, and digital media companies. Pluto TV is available on all mobile, web and connected TV streaming devices and millions of viewers tune in each month to watch premium news, TV shows, movies, sports, lifestyle, and trending digital series. Headquartered in Los Angeles, Pluto TV has offices in New York, Silicon Valley, Chicago and Berlin. (Business Wire)
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Last year, buzz developed about retailer giant Amazon spending $1 billion on his Ring doorbell company.
The deal, announced on Tuesday, gives Amazon a prominent home security company and, potentially, more tech firepower in its push to allow its delivery people to drop off packages inside buildings, where thieves can’t easily steal them. The terms of the acquisition were undisclosed, although news site Axios reported that Amazon likely paid more than $1.2 billion. (Fortune)
According to reports, Nas’ investment company is behind backing Ring.
His Queensbridge Venture Partners was an early investor in tech company Ring, which manufactures WiFi cameras and doorbells, and has now potentially earned him a pretty substantial amount of money in the millions of dollars. It was announced earlier this week that Ring had been acquired by Amazon for $1 billion, therefore creating a windfall for Nas’ VC firm, who, alongside Richard Branson and Upfront Ventures, were an early investor in the company. (Joe UK)
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