Amazon India is believed to have acquired the OTT platform MX Player from Times Internet by paying less money than the last acquisition amount.
A close source reveals, “A deal between Amazon and TIL in this regard has been finalized, which stipulates final payments of the deal should be completed by 30th June this year.”
Going by the statistics, MX Player was ranked as the most globally downloaded app in 2022. The platform is being sold at nearly 25 percent less than the price it was acquired for 4 years ago.
This will lead to a huge jump in consumer base for Amazon Prime. Amazon has 28 million users in India, MX Player has nearly 78 million users. There seems to be big surge in the OTT platforms, with the Reliance Group entering the arena, there surely will be stiff competition for all.
When asked, Amazon Prime Video responded by stating- “We don’t comment on rumors or speculation.” A top consulting firm was hired to conduct the deal with due diligence.
Karan Bedi, CEO of MX Player, is expected to receive one-third of the deal’s value and the remaining will be distributed to the shareholders.