M&A Market: Paramount Agrees to Keep Pluto TV Running in Merger Deal

As part of the consent decree for the Paramount-Warner Bros. Discovery merger, a group of state attorneys general secured a requirement that the combined company, often called 'ParaBros', must continue operating a free, ad-supported streaming service under the name Pluto TV or a comparable successor brand for at least five years. The agreement also stipulates that service and quality standards must not fall below current levels. Other conditions include boosting U.S. production, creating an editorial independence board for CBS News and CNN, and keeping cable carriage negotiations separate. Pluto TV is currently the only free, ad-supported service in either company's portfolio, with usage around 1% of U.S. TV viewing. The goal is to preserve a low-cost viewing option for consumers.