Amazon Is In Negotiations To Buy MX Player
According to sources, Amazon Inc. is in advanced discussions to acquire Times Internet's video streaming service, MX Player.
MX Player has increased in popularity in India, owing to the fact that it offers free access to a vast range of videos, including live cable TV channels.
According to the reports, Amazon has hired one of the Big Four accounting firms to do exclusive due diligence on MX Player.
The agreement is not yet finalised, but it may be completed within two months if all goes well.
Times Internet acquired MX Player for $140 million in 2018.
In addition to Amazon, Zee Entertainment and Sony are said to be interested in the deal.
As per reports, Times Internet was seeking for more than $100 million for MX Player, while Amazon's internal team estimated it to be worth around $60 million.