Amazon in advanced discussions to acquire MX Player
By MYBRANDBOOK
Amazon is in talks to acquire MX Player, the video streaming platform owned by Times Internet. The US online retailer has hired one of the Big Four accounting firms to carry out due diligence. The process is expected to take 30-40 days and a deal could happen within two months if all goes well. As per the reports, Times Internet was asking for over $100 million for MX Player, while Amazon’s internal team valued it at around Rs 500 crore ($60 million). The deal is likely to be in the range of Rs 600-900 crore.
MX Player was purchased by Times Internet for $140 million in 2018. It claims to have amassed more than 300 million users worldwide. Zee Entertainment and Sony, in addition to Amazon, are reportedly also waiting to make the acquisition.
MX Player has grown significantly in popularity in areas like India in part because it provides free access to a large selection of videos, including live cable TV channels. Consequently, advertising generates the majority of the service's income.
Times Internet is a subsidiary of the 184-year-old Bennett Coleman and Company, which runs more than 30 assets, including the English-language daily Times of India, the news source Indiatimes, business newspaper Economic Times, and advertising agency Columbia.
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