Media giant Viacom announced yesterday that it's come to an agreement with free streaming TV provider Pluto TV to purchase the service for the seemingly absurd sum of $340 million in cash. Viacom sees the platform as a way to attract customers to its paid streaming platforms, including such offerings as Comedy Central Now and Noggin.

Pluto TV, if you're unfamiliar, provides totally free, ad-supported access to hundreds of channels at its website and in its apps. Content on the platform includes movies, news, sports, cartoons, music — and even channels devoted to single shows, like Mystery Science Theater 3000 and Hell's Kitchen. It also powers the WatchFree app included on recent Vizio smart TVs.

Viacom's ownership of the platform could potentially increase the content on offer, as the company owns distribution rights to tons of media properties, including those produced by Paramount Pictures, Comedy Central, Nickelodeon, and MTV.

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