After prolonged speculation and delays, American ecommerce behemoth Amazon is on the verge of acquiring MX Player, the popular video streaming platform owned by Times Internet, in a significant deal valued at over $100 Mn.
Advanced Negotiations
According to reliable sources, the acquisition deal between Amazon and MX Player is nearing its final stages, with all necessary arrangements in place and the due diligence process successfully completed. An official announcement regarding the acquisition is expected within the next week.
Strategic Implications
Following the acquisition, key members of MX Player’s senior management are poised to join Amazon, signaling a strategic alignment between the two entities.
Response from Stakeholders
As of now, neither Times Internet nor Amazon India has responded to queries regarding the impending acquisition. Updates will be provided as soon as responses are received.
Background of MX Player
MX Player, initially established in 2011 as a video player by a South Korean firm, was acquired by Times Internet in 2018 for approximately $140 Mn. Under Times Internet’s ownership, MX Player transitioned into an ad-supported video streaming platform, garnering significant traction among users.
Funding and Valuation
In 2019, MX Player secured a substantial $110 Mn funding round from Tencent, a testament to its growing prominence in the market. During its last funding round, the platform was valued at approximately $500 Mn, reflecting its robust growth trajectory.
Leadership at MX Player
Karan Bedi currently serves as the CEO of MX Player, having assumed the role in 2017. His leadership has been instrumental in guiding MX Player through various stages of growth and transformation.
Times Internet’s Asset Divestment Strategy
Times Internet’s decision to divest MX Player follows a broader trend of asset restructuring. In recent times, Times Internet has divested several assets, including MX Takatak, Dineout, MensXP, iDiva, and Hypp.
