Amazon in talks to acquire Times Internet’s MX Player

Amazon is in advanced negotiations to buy Times Internet's MX Player, a video streaming platform, as per a report by Mint.

The US e-commerce behemoth has engaged one of the Big Four accounting firms to conduct due diligence on MX Player. The process is anticipated to take 30 to 40 days.

The discussions have been going on for some time. Mint quoted a source saying "Earlier, Times Internet had set its asking price for MX Player at more than $100 million, while an internal team at Amazon estimated its worth to be about 500 crore ($60 million)'. The transaction may cost between 600 and 900 crore

A South Korean software developer originally created MX Player as a media player for downloaded videos.

After several failed efforts, including BoxTV, Bennett Coleman & Co Ltd (BCCL)-owned Times Internet purchased MX Player in 2018 for 1,000 crore marking its entrance into video streaming.

However, Times Internet has been selling off some of its companies as the company has not been able to generate enough cash to finance expansion since its last funding round, which was led by Chinese internet giant Tencent and raised about $111 million.