Three people with direct knowledge of the development said that Amazon.com is in advanced talks to acquire MX Player.
One of the three people requesting anonymity said that one of the Big Four accounting firms had been hired by the US e- commerce giant to carry out due diligence on MX Player.
The second person said that a deal could happen within two months if everything goes according to plan.
The person said that the talks had been going on for a long time. Times Internet was asking for over 100 million dollars for MX Player, while Amazon valued it at around 500 million dollars. The deal is likely to be in the hundreds of millions of dollars.
The questions were unanswered until press time.
The Prime Video and MiniTV services are owned by Amazon. The free MiniTV service was launched within the Amazon shopping app for phones in May of 2021.
Prime Video targets top SEC segments and is bundled with the Prime subscription which offers free shipping on eligible items and ad-free music.
For miniTV, there is no requirement for a subscription, and it's for the people who have a data connection. Amazon will benefit from the addition of MX Player.
A South Korean app developer created a media player for downloaded videos.
After a couple of failed attempts, Times Internet acquired MX Player for over a hundred million dollars.
The app was later renamed as an ad-supported video streaming app. The player had an advantage because it was present in over 100 million users of their phones and had 50 million users a day. Over 300 million users are claimed by MX Player today.
Times Internet, which raised $111 million in a funding round led by Chinese internet giant Tencent, has not been able to generate enough cash for a while to fund expansion.
In February of last year, the company sold its short- video platform to Sharechat. In December, Times Internet sold lifestyle publications Men'sXP and iDiva to Mensa Brands, as well as an influencer marketing firm called Hypp.Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News. More Less