Times Internet buys South Korean based MX Player for $144 Mn
In an attempt to remark its entry in Indian OTT Segment, Times Internet has acquired South Korea based world's largest local video platform, MX Player in a deal worth 1000 Cr ( $144 Mn).
With new acquisition onboard, Times Internet is planning to build a digital-first video streaming platform taking on the likes of Netflix and Amazon in India.
Notably, the deal marks second big bet for Times Internet in the OTT Segment as earlier in 2016, company had launched its OTT app Box TV. However, the high cost of content had led the service to shut down.
MX Player, developed by J2 Interactive, a South Korean based app will continue to work independently with teams across India and China. The platform currently has 350 million users in India, of whom 175 million use it every month, exceedin...