Amazon renews talks with Times Internet for MX Player

US e-commerce giant Amazon Inc. is set to acquire Times Internet-owned video streaming platform MX Player, Mint reported, citing unidentified people aware of the development.

The deal is likely to be valued at $50 million, the Mint report said. 

“Everything’s in place and the due diligence process is over. A formal announcement will be made within a week,” Inc42 reported, citing an unidentified company official. 

The proposed deal comes a year after the acquisition was called off by Amazon amid disagreement over the deal value. 

While Times Internet was reportedly seeking $100 million, Amazon had valued the acquisition at $60 million.

The deal is expected to strengthen Amazon Mini TV’s operations in India. 

MX Player’s senior management will reportedly join Amazon after the conclusion of the acquisition. 

“MX Player team will join Mini TV and its chief executive officer, Karan Bedi, is likely to join as director,” Entrackr reported, citing an unidentified official. 

Times Internet had acquired MX Player in 2018 in a $140 million deal. 

The streaming platform claims to have more than 150 million users in the country.