Amazon is engaging with Times Internet to explore the acquisition of MX Player, one of India’s largest video-on-demand streaming services, according to three sources familiar with the matter, as the US e-commerce group plans to expanding its entertainment ambitions in the key overseas market.
Deliberations are ongoing and may not materialize into an agreement, the three sources warned. The terms of the agreement are not yet finalized. Times Internet and Amazon did not immediately respond to a request for comment.
At least two other players have expressed interest in acquiring the Times Internet-owned app, according to two sources.
The deliberations are notable for MX Player, which was acquired by Indian conglomerate Times Internet for $140 million in 2018. The video application, popular for supporting a wide range of video formats and its reliability on Android smartphones at low price, extended to original content. in recent years and has amassed over 300 million users worldwide.
MX Player has gained wide adoption in markets such as India, in part by offering its extensive video catalog at no cost to consumers. Instead, the service derives most of its revenue from advertisements.
This is a developing story. More soon.
