Amazon In Final Stages Of Acquiring MX Player From Times Internet For Over $100 Mn

SUMMARY

Amazon is acquiring MX Player in an all-cash deal for a little over $100 Mn and the formal announcement will be made within a week

Post the acquisition, MX Player CEO and other senior management of the video streaming platform will join Amazon

Times Internet has been divesting its assets for some time now. Last year, it sold MX Takatak, Dineout, MensXP, iDiva and Hypp

After months of delays and speculations, US-based ecommerce giant Amazon is in the final stages of acquiring Times Internet-owned video streaming platform MX Player.

Sources told Inc42 that the ecommerce major is acquiring MX Player in an all-cash deal for a little over $100 Mn. 

“Everything’s in place and the due diligence process is over. A formal announcement will be made within a week,” people aware of the matter said. 

Post the acquisition, MX Player’s senior management of the platform will join Amazon. 

A query mail sent to Times Internet didn’t elicit any response till the time of publishing this story. Amazon India was not immediately available for a comment. The story will be updated on receiving responses.

It is pertinent to note that cash-strapped MX Player has been in the market for nearly a year for an acquisition.

Founded in 2011 as a video player by a South Korean firm, MX Player was acquired by Times Internet in 2018 for about $140 Mn. It was eventually remodeled to an ad-supported video streaming platform. 

In 2019, it raised $110 Mn funding from Tencent, which was considered one of the largest funding rounds at that time. As per media reports, the platform was valued at around $500 Mn during its last fund raise. 

It is important to note that Times Internet has been divesting its assets for some time now. Last year, it sold MX Takatak, Dineout, MensXP, iDiva and Hypp. 

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