Amazon is engaging with Times Internet to explore the acquisition of MX Player, one of the largest on-demand video streaming services in India, according to three sources familiar with the matter, as the American e-commerce group eyes expanding its entertainment ambitions in the key overseas market.
The deliberations are ongoing and may not materialize into a deal, all three sources cautioned. The terms of the deal are yet to be finalized. Times Internet and Amazon did not immediately respond to a request for comment. A couple of more players have also shown serious interest in acquiring the Times Internet-owned app, according to two of the sources.
Indian conglomerate Times Internet acquired MX Player for $140 million in 2018. The video app, popular for supporting a wide range of video formats and reliability on low-cost Android smartphones, has expanded to original content in recent years and has amassed over 300 million users globally.
MX Player has gained wide adoption in markets such as India in part by offering its wide video catalog at no charge to consumers. Instead the service makes most of its revenue through ads.
This is a developing story. More to follow.
Amazon in talks to acquire Indian video giant MX Player by Manish Singh originally published on TechCrunch
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