Amazon India set to acquire MX Player from Times Internet in a distress sale

Amazon seems to be in final stage of acquiring MX Player from Times Internet, as per the reports by Entrackr, citing three sources familiar with the development. This is Amazon’s second attempt at snagging the video streaming platform and this time it looks like the deal is almost finalized.

“Amazon India has been in late- stage talks to acquire MX Player in a distress sale,” quoted one of the sources by the news agency. “The contours of the deal have been chalked out and Amazon has offered a term sheet to MX Player.”

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Amazon India had also held discussions with the Times Internet- owned firm in March last year but the talks fell through by July 2023. Times Internet had acquired MX Player in January 2018 for $140 million.

The sources have added that the companies started discussions this year in February. It has also been claimed that Karan Bedi, who is currently chief executive officer, is likely to join as director of Mini TV, which will be expectedly joined by the team of MX Player.

The acquisition will strengthen Amazon’s Mini TV operation in India. The size of the deal is reported around $50 million.