Amazon Eyes India's Video Streaming Provider MX Player To Expand Presence In Country

Amazon.Com, Inc AMZN engaged with Times Internet to explore the acquisition of MX Player, one of India's largest on-demand video streaming services.
The financial terms of the transaction remain undisclosed, TechCrunch reports.
At least two more players, including Zee and Sony Group Corp SONY, shared an interest in acquiring MX Player.
Indian conglomerate Times Internet acquired MX Player in 2018 for $140 million.
The video app, popular for supporting a wide range of video formats and reliable on low-cost Android smartphones, has amassed over 300 million users globally.
Amazon has deployed over $7 billion in India in the past decade. It has long been aggressively competing for a slice of the Indian video market.
Alphabet Inc GOOG GOOGL Google's YouTube dominates the video market in India, with about half a billion monthly active users in the country, as per Sensor Tower.
YouTube and Walt Disney Co's DIS Hotstar has over 50 million subscribers and more than 150 million monthly active users in the country.
MX Player claims it has over 150 million active users in India.
Amazon held $59 billion in cash and equivalents as of September 30.
Price Action: AMZN shares traded lower by 0.60% at $97.65 in the premarket on the last check Friday.