Amazon buys Indian video streaming service MX Player
Amazon has agreed to acquire Indian video streaming service MX Player from the local media powerhouse Times Internet, the latest step by the e-commerce giant to make its services and brand popular in smaller cities and towns in the key overseas market.
The two firms reached a definitive agreement for the deal on Wednesday evening, a source familiar with the matter told TechCrunch. The deal values MX Player at less than $100 million, far short of the $500 million valuation at which the streamer raised its last capital, the source, who spoke on condition of anonymity because the companies are yet to publicly comment on the deal, told TechCrunch.
The deal caps a nearly two-year deliberation between the two firms as they sought to find synergies between their properties. Times Internet and its affiliate Times Group have been looking to sell off many of their digital properties in the past two years.
TechCrunch reported in February last year that Amazon and MX Player were engaging for a deal. Sony, which was in parallel looking to merge its India unit with media house Zee, also expressed interest in acquiring MX Player, but complications with the Zee deal derailed its efforts, according to several sources familiar with the matter.
