Amazon is reportedly in talks to acquire MX Player from Times Internet.
Amazon.com is in talks to acquire Indian streaming giant MX Players according to a report by Mint. The deal could happen soon in a couple of months. The report also suggested that Amazon has hired one of the big four accounting firms to carry out the deal.
Reportedly, Times Internet who currently owns MX Player was asking for over $100 million for MX Player, while Amazon’s internal team valued it at around ₹500 crore ($60 million). The deal is likely to be in the range of ₹600-900 crore
MX Player was acquired by Times Internet in 2018 for ₹1,000 crore from a South Korean app developer who had initially designed it to be a media player for downloaded videos. Ever since the acquisition by Times, it has evolved to become one of the biggest streaming platforms in India. MX Player claims over 300 million users globally.
It must be noted that Times Internet has recently sold a number of its businesses like MX Takatak to ShareChat, Dineout to Swiggy as well as MensXP and iDiva.
On the other hand, Amazon.com owns Prime Video, a streaming platform whose subscription is bundled with Amazon Prime. It also has 'Mini TV' an ad supported video vertical on it's shopping app in India.