Amazon to acquire MX Player; Negotiations are reportedly in progress

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New Delhi: Amazon is reportedly in talks with Times Internet to acquire video streaming platform MX Player. Sources close to the matter said that negotiations are currently underway and the terms of the agreement are yet to be finalized.

  Reports indicate that the move is part of Amazon’s efforts to expand its presence in the Indian entertainment sector.

Also, two other video players, including Zee-Sony, have expressed interest in acquiring the streaming service. The platform claims that MX Player has over 150 million active users in the country.

The news comes amid growing competition in Indian OTT streaming services. Amazon already offers its Prime Video subscription service in India.

The new move comes amid widespread layoffs. The company has also taken cost-cutting measures to overcome challenges from the global recession.