Amazon (Nasdaq: AMZN) has entered into an agreement to acquire certain assets of the Indian video streaming service MX Player.
The e-commerce giant is acquiring some of MX Player's assets, but not the entire company. The deal is not completed yet.
“we We're always looking for ways to offer new products and services that help improve customers' lives. “We are excited to continue entertaining India with great local originals and exclusive content available across our Prime Video and miniTV services in India,” an Amazon spokesperson told Seeking Alpha in a statement.
A source familiar with the matter said that the deal values the video player at less than $100 million TechCrunch, It concludes deliberations that lasted nearly two years between the two parties. TechCrunch It was reported in February last year that Amazon was in discussions with MX Player's parent company to reach a deal.
Times Internet, the parent company of MX Player, was said to be entertaining competing bids for the video service at the time, with Zee-Sony named as one of the bidders.
In 2019, MX Player raised $110.8 million in a funding round led by Chinese internet giant Tencent. MX Player's subsequent valuation was said to be $500 million at the time.
