Paul Hastings, Covington & Burling and Shearman & Sterling served as legal counsel to Viacom. Gunderson Dettmer and Hogan Lovells served as legal counsel to Pluto TV, and LionTree Advisors served as financial advisor to Pluto TV.
Viacom Inc. (NASDAQ: VIAB, VIA) 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.
Today, Pluto TV has more than 12 million monthly active users, 7.5 million of which are on connected TVs. Its audience streams billions of minutes of content each month across devices such as Roku, Amazon Fire TV, Android TV, Apple TV, Chromecast, and Sony PlayStation consoles, as well as built-in integrations on smart TVs from Samsung and Vizio, and mobile apps on Android and iOS. Pluto TV has also secured new distribution deals that will make the service available on tens of millions of additional devices in the coming months.
The Paul Hastings team was led by Century City partners David Hernand (Picture) and Trevor Katende and also included partners Stephen Harris and Michael Haun, of counsel Ron Ben-Yehuda, and associates Amy Lawrence, Kallyn Hunter, Tashiana Hudson and M’Alyssa Mecenas.
Gunderson Dettmer acted as legal counsel to Pluto TV with a team including partner Jeffrey Higgins and associate Jonathan Spencer, with partners Mark Foster, Gina Marek and Tom Villeneuve, of counsel Grace Ko, special counsel Heather Aune, and associates Carlos Wilson, Aliya Sanders, Lily Kim, Vikki Nguyen, Jessica Verran-Lingard and Deidre Kalenderian.
Involved fees earner: Heather Aune – Gunderson Dettmer; Mark Foster – Gunderson Dettmer; Jeffrey Higgins – Gunderson Dettmer; Deidre Kalenderian – Gunderson Dettmer; Lily Kim – Gunderson Dettmer; Grace Ko – Gunderson Dettmer; Gina Marek – Gunderson Dettmer; Vikki Nguyen – Gunderson Dettmer; Aliya Sanders – Gunderson Dettmer; Jonathan Spencer – Gunderson Dettmer; Jessica Verran-Lingard – Gunderson Dettmer; Thomas Villeneuve – Gunderson Dettmer; Carlos Wilson – Gunderson Dettmer; Ron Ben-Yehuda – Paul Hastings; Stephen Harris – Paul Hastings; Michael Haun – Paul Hastings; David Hernand – Paul Hastings; Tashiana Hudson – Paul Hastings; Kallyn Hunter – Paul Hastings; Trevor Katende – Paul Hastings; Amy Lawrence – Paul Hastings; M’Alyssa Mecenas – Paul Hastings;