Amazon reportedly agreed Wednesday to purchase some assets of video streaming platform MX Player from Times Internet. The first mention of the deal surfaced in 2023 when the e-commerce giant began negotiations with the Tencent-backed company, but they reportedly all but fell through. It was reported that talks between the two sides resumed again in May, raising the possibility of negotiations. It has been reported that the current transaction amount has been agreed to be less than $100 million.
Amazon Purchases Some Assets of MX Player
Citing people familiar with the matter, TechCrunch reported that Amazon and Times Internet have agreed to a deal that would see the retail giant purchase some assets but not the video streaming platform in its entirety. Under the deal, Amazon gets a “distribution and marketing partner” that could potentially help the company become “more popular and trustworthy” for people in smaller cities.
MX Player was originally developed by Korean developer J2 Interactive (now MX Media and Entertainment) as a video player for mobile platforms. However, it later turned into a full-fledged ad-supported video streaming platform with options like offline streaming, background playback, etc.
In 2018, Times Internet purchased a majority stake in the platform for a reported $140 million.
This is an all-cash deal for a reported $100 million, significantly less than the $110.8 million it raised in a funding round led by Chinese conglomerate Tencent in 2019, according to an Inc42 report. It was reported that the value of MX Player was assessed at the time. For $500 million.
“We’re always looking for ways to introduce new products and services that help improve the lives of our customers,” an Amazon spokesperson said. “We are excited to continue entertaining India with great local originals and exclusive content available through our Prime Video and MiniTV services in India.”
Inc42 also reported that MX Player’s senior executives will join Amazon after the deal closes. An official announcement on the deal is expected to be made within a week.
Affiliate links may be generated automatically. Please see our Ethics Statement for more information.
For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads, and Google News. Subscribe to our YouTube channel for the latest videos on gadgets and technology. If you want to know everything about the top influencers, follow our in-house Who’sThat360 on Instagram and YouTube.
iPhone 16 Pro, iPhone 16 Pro Max sizes leak online. Suggested slightly larger and heavier design
