Amazon is in discussions to buy Times Internet owned MX Player. In January 2018, Times Internet paid $140 million to acquire MX Player. The MX Player team, led by CEO Karan Bedi, is expected to become a director of Mini TV. The reported deal value is approximately $50 million.
The acquisition will strengthen Amazon’s Mini TV operation in India, said sources. Amazon India has been in late-stage talks to acquire MX Player in a distress sale. The contours of the deal have been chalked out and Amazon has offered a term sheet to MX Player. Amazon India had also held discussions with the Times Internet-owned firm in March last year but the talks fell through by July 2023.
MX Player is owned by MX Media which also used to own short video entertainment app MX TakaTak. MX TakaTak merged with Google-backed ShareChat in February 2022. Later, ShareChat shut down MX TakaTak after transitioning the users into Moj. The Ankush Sachdeva-led firm also wrote off its investment in MX TakaTak.
If the deal goes through, MX Player will be the sixth subsidiary from which Times Internet would have taken an exit in the past three years. The Gurugram-based company sold MX Takatak in February 2022 while DineOut was acquired by Swiggy in May 2022. E-commerce roll-up unicorn Mensa acquired MensXP, iDiva, and Hypp from Times Internet in December 2022. Times Internet has also been looking to sell its music streaming platform Gaana and held talks with Airtel Wynk but the discussion didn’t go through.
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