According to sources, Amazon India has reportedly acquired Times Internet Ltd’s (TIL) OTT platform, MX Player, at a reduced cost of $45-50 million. The deal is expected to be completed by the end of June, although neither Amazon nor TIL has confirmed it. As per the deal, MX Player CEO Karan Bedi is expected to receive approximately one-third of the amount, while the remaining shareholders will receive the rest.
The acquisition of MX Player is expected to expand Amazon Prime Video’s consumer base by four times as the OTT platform has nearly 78 million users. This move may also intensify the ongoing competition in India’s struggling OTT sector, which now has a new player in the form of the Reliance Group. Despite being ranked as the third most downloaded OTT app globally in 2022 and the most downloaded app in India, the platform was sold for almost 25% less than it was acquired four years ago. Neither Amazon nor TIL has issued any official statement regarding the acquisition.