Amazon: According to insiders, Amazon is reportedly in advanced negotiations to buy Times Internet’s OTT platform MX Player. 2018 saw the unexpected acquisition of MX Player by Times Internet for an estimated $140 million, or Rs 1,000 crore at the time.
Amazon plans to buy MX Player
The Times group viewed the action as a risky one, especially considering that the business’s previous OTT endeavour BoxTV.com had merely shut down in 2016 after four years of operation. After four years, Times Internet, the digital division of media giant Times Group, has made the decision to sell MX Player, one of India’s biggest OTT platforms. Amazon plans to buy MX Player in order to grow its entertainment business in one of the world’s largest consumer marketplaces. According to insiders with knowledge of the situation, the sale will be completed soon.
US-based company has hired a top consulting firm
According to reports, the US-based company has hired a top consulting firm to perform due diligence on the transaction. According to insiders, the deal’s value is around $100 million, which is $40 million less than Times Internet’s initial investment in Mx Player. The statements cannot be independently verified by e4m. Despite repeated inquiries, Times Internet did not reply to a questionnaire addressed to them in this regard earlier this week. The group’s officials told e4m that they had nothing further to add. The answer from Amazon is awaiting.
MX Player was the third most downloaded OTT app
According to Data.ai’s State of Mobile 2023 report, MX Player was the third most downloaded OTT app globally in 2022. MX Player outpaced Hotstar, Zee 5, Jio TV, and Jio Cinema as the most downloaded app in India. On July 18, 2011, MX Player made its video player debut in Korea. It was reintroduced in 2019 as an OTT platform with original content.
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