Amazon Resumes Talks to Acquire MX Player from Times Internet

Amazon.com, Inc is in talks to acquire Times Internet-owned video streaming platform MX Player, according to sources familiar with the matter. The deal, which had previously fallen through due to a valuation mismatch, is now back on the table as Amazon looks to expand its presence in the OTT space.

MX Player, which is currently facing financial challenges with over ₹2,500 crore in debt, has seen its valuation decrease significantly since the last round of negotiations. Despite this, Amazon is reportedly close to finalizing the deal, with plans to not take on MX Player’s debt.

The acquisition of MX Player would complement Amazon’s existing video streaming services, including Prime Video and miniTV. While Prime Video targets higher socio-economic classes and is bundled with a Prime subscription, miniTV is a free service aimed at the masses. The addition of MX Player would strengthen Amazon’s AVoD (advertiser video-on-demand) business.

MX Player, originally developed as a media player for downloaded videos, was acquired by Times Internet in 2018 for ₹1,000 crore. Since then, the platform has grown to over 300 million users globally. However, financial challenges have led Times Internet to sell off some of its businesses, including MX Takatak and Dineout.

As Amazon and MX Player move closer to a potential deal, the acquisition could have significant implications for the Indian OTT market. Stay tuned for more updates on this developing story.