After months of speculation and delays, Amazon, the US-based ecommerce giant, is reportedly in the final stages of acquiring MX Player, a video streaming platform owned by Times Internet. Sources familiar with the matter have revealed that Amazon is poised to acquire MX Player in an all-cash deal worth a little over $100 million.
According to insiders, all necessary arrangements have been made, and the due diligence process has been completed. A formal announcement regarding the acquisition is expected within the next week. Following the acquisition, MX Player’s senior management team is set to join Amazon.
When approached for comments, Times Internet did not respond to queries, while Amazon India was unavailable for immediate comment. However, updates will be provided on the story as and when responses are received.
MX Player, originally founded in 2011 as a video player by a South Korean firm, underwent a significant transformation after its acquisition by Times Internet in 2018 for approximately $140 million. Subsequently, the platform was rebranded as an ad-supported video streaming service.
In 2019, MX Player secured a substantial $110 million funding round from Tencent, marking one of the largest funding injections at that time. Media reports suggest that the platform was valued at approximately $500 million during its last fundraising endeavor.
Karan Bedi, who has been at the helm of MX Player since 2017, currently serves as its CEO, overseeing its strategic direction and operations.
Times Internet, the parent company of MX Player, has been divesting its assets over recent years. Last year, it offloaded several assets, including MX Takatak, Dineout, MensXP, iDiva, and Hypp, as part of its strategic realignment.
The potential acquisition of MX Player by Amazon underscores the ecommerce giant’s continued expansion into the digital media and entertainment space. With MX Player’s established presence and user base in the video streaming market, the acquisition could offer Amazon a significant foothold in India’s rapidly growing online content consumption landscape.
