As the streaming TV market continues to evolve, Viacom today announced that it has acquired streaming service Pluto TV for $340 million. As reported by Variety, the deal is expected to close this quarter.

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In a statement, Viacom CEO Bob Bakish touted that combining Pluto TV’s infrastructure with Viacom’s content will result in new opportunities for consumers:

“Today marks an important step forward in Viacom’s evolution, as we work to move both our company and the industry forward,” said Viacom CEO Bob Bakish 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.”

Pluto TV is a video streaming service that has grown in popularity over recent years. It offers a slick Apple TV app and access to “over 100 live channels and 1000’s of movies.” Currently, Pluto TV is completely free and ad-based, but it’s unclear if that will continue under Viacom’s ownership. The app draws 12 million month users.

Viacom’s acquisition of Pluto TV comes as the launch of Apple’s own streaming service nears. Further, NBC also recently announced that it will launch an ad-supported video streaming service next year.

You can try Pluto TV on the Apple TV here.

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