After many delays, it seems Amazon is finally about to seal the deal to buy MX Player from Times Internet. This is seen as a “distress sale.”
MX Player started as a simple video player in 2011. Times Internet bought it for $140 million in 2018, turning it into a streaming service in 2019. It featured original shows and movies alongside content from various studios.
But by 2023, MX Player was struggling financially.
Amazon has been talking to Times Internet for two years. This is their second attempt to buy MX Player. The first try, in March 2022, didn’t work out because Times Internet wanted $100 million, which Amazon said no to.
Now, negotiations have started again in February 2024. Amazon wants to pay $40 million for MX Player, but it might end up being around $50 million (INR 400 crores approximately).
If the deal goes through, MX Player will be the sixth company Times Internet has sold in three years. They’ve also been trying to sell Gaana, their music streaming platform, but talks with Airtel Wynk haven’t been successful.
Amazon’s interest in MX Player shows its desire to grow in India’s streaming market, adding more content and reaching more users.
