Nas has signed a $340 million deal with Viacom. The rapper sold his Pluto TV streaming service to Viacom last Tuesday, netting the rapper a great payday to start the new year.
Nas had invested in Pluto TV back in 2014 through his Queensbridge Venture Partners firm. The streaming platform comes with multiple partnerships and offers users access to over 100 live-streamed TV channels. It also offers on-demand programming for free, and allows users to stream on the go via their mobile devices for a monthly fee.
Nas has taken part in a series of successful investments over the years, and this deal is not a first for the artist. Since he launched his firm in 2014, it has made several high ROI investments. Past successes include Dropbox, Lyft, and Coinbase. He also invested in LANDR, an online platform for musicians to educate themselves and master their skills for relatively low rates. Some of his investments have become even more successful, including investments made to Ring, a home security company, and PillPack, an online pharmacy. Nas invested millions in the latter two companies back in 2014, and each of them have since been purchased by Amazon for $1 billion each.
Viacom and Queensbridge Venture Partners are set to split the cost of Pluto TV, in a move that is set to change to US entertainment industry.
