Pluto TV, the free ad-supported streaming service owned by Paramount, has secured unexpected protections within the consent decree governing the merger between Paramount and Warner Bros. Discovery. Buried within the settlement agreement between Paramount and 12 states is a specific provision that requires the merged company to maintain a free streaming service under the Pluto TV brand (or a substantially equivalent successor) for at least five years after the deal closes. This protection matters because Pluto TV has been largely overshadowed in merger discussions, yet it remains the only free streaming service operated by either company and serves an important market segment.

The consent decree mandates that the merged company preserve Pluto TV at service and quality levels equivalent to those at the time the decree takes effect. Pluto TV offers live channels, a substantial library of films and television programmes, and post-broadcast streaming of select CBS series. Currently, Pluto TV captures approximately 1 per cent of all television use in the United States, whilst Paramount+ and Pluto TV combined account for around 2.2 per cent according to Nielsen Gauge data. Although Pluto TV ranks among the larger free streaming platforms in the market, its reach remains smaller than competitors such as the Roku Channel and Tubi.