India's Times Internet buys stake in MX Player for $146 million

 Indias Times Internet buys stake in MX Player for 6 million

(Reuters) - India's Times Internet Ltd said on Thursday it bought a majority stake in MX Player for over 10 billion rupees ($145.77 million), as it ventures into the video streaming space.

The digital arm of media conglomerate Times Group said MX Player, a video player developed by IT firm J2 Interactive, will be launched with more than 20 original shows in its first year.

MX Player will continue to support its offline video playback features, Times Internet added.

($1 = 68.6000 Indian rupees)

(Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by Vyas Mohan)

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Updated Date: Jun 28, 2018 07:05:18 IST