Amazon eyes potential stake in Indian film, media businesses; Inox denies talks

Amazon.com Inc’s India arm is in talks with several domestic players in film and media distribution including cinema chain Inox Leisure Ltd for a potential stake, the Indian Express newspaper reported on Tuesday, citing sources.

Inox, however, said the report was “factually incorrect” and there were no discussions between the company and Amazon India.

Shares of the Mumbai-headquartered company jumped as much as 14.3% to 346.20 rupees after the report, but pared some gains to last trade 6% up.

Amazon India is planning to expand its content streaming platform Prime Video and is evaluating three to four deals, according to the report.

India has been a hotbed of competition for companies like Amazon, Netflix Inc and Walt Disney Inc, all of which have been investing significantly to ramp up original streaming content in regional languages.

The e-commerce giant in January had launched a lower priced mobile-only subscription plan for its video streaming service in India, undercutting a similar plan by Netflix to woo price-sensitive subscribers.

Prime Video had marked its foray into Indian film production in March and counts the south Asian nation as one of its fastest growing markets.

Inox, India’s second-largest multiplex chain, has reported a net loss for at least five consecutive quarters since March 2020, when a nationwide coronavirus lockdown was imposed.

Amazon India did not immediately respond to a request for comment.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.