Amazon Agrees to Purchase Some Assets of MX Player in $100 Million Deal: Report

Amazon and Times Internet reportedly agreed on a deal that would see the former purchase some assets but not the video-streaming platform in its entirety.

Written by Shaurya Tomer, Edited by David Delima | Updated: 6 June 2024 18:18 IST

Amazon Agrees to Purchase Some Assets of MX Player in $100 Million Deal: Report

Photo Credit: MX Player

MX Player was originally developed by J2 Interactive as a video player for the mobile platform

Highlights

Amazon reportedly agreed a deal to acquire some parts of MX Player
The retail giant will not acquire MX Player in its entirety
It is reported to be an all-cash deal that will cost $100 million

Amazon agreed to purchase some assets of video-streaming platform MX Player from Times Internet on Wednesday, according to a report. The first mention of this deal reportedly surfaced in 2023 when the e-commerce giant entered talks with the Tencent-backed firm but it almost fell through. In May, it was reported that conversations between the two parties resumed again, and a possible deal was on the cards. The deal has reportedly now been agreed for a sum of less than $100 million.

Amazon Buys Some Assets of MX Player

TechCrunch, quoting a source familiar with the matter, reported that Amazon and Times Internet had agreed on a deal that would see the retail giant purchase some assets but not the video-streaming platform in its entirety. Following this deal, Amazon gets a “distribution and marketing partner” which could potentially help the company become “more popular and trustworthy” to people in smaller cities.

MX Player was originally developed by South Korean developer J2 Interactive (now MX Media and Entertainment) as a video player for the mobile platform. However, it was later turned into a full-fledged but ad-supported video-streaming platform with options such as offline streaming, background playback and more.

Google Keep Might Soon Introduce This Long-Awaited Feature on Android

In 2018, Times Internet purchased a majority stake in the platform for a reported $140 million.

As per an Inc42 report, this is an all-cash transaction for a reported $100 million which is even less than the $110.8 million it had raised in a financing round led by Chinese conglomerate Tencent in 2019. At the time, MX Player was reportedly valued at $500 million.

“We are always looking for ways to introduce new products and services that help improve customers' lives,” the publication reported an Amazon spokesperson as saying. “We're excited to continue to entertain India with the great local originals and exclusive content available across our Prime Video and miniTV services in India.”

Inc42 further reported that after the completion of this deal, MX Player's senior management will join Amazon. A formal announcement of the deal is speculated to arrive within a week.

Is the Samsung Galaxy Z Flip 5 the best foldable phone you can buy in India right now? We discuss the company's new clamshell-style foldable handset on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: MX Player, Amazon, Times Internet

Shaurya Tomer

Email Shaurya Tomer

Shaurya Tomer is a Sub Editor at Gadgets 360 with 2 years of experience across a diverse spectrum of topics. With a particular focus on smartphones, gadgets and the ever-evolving landscape of artificial intelligence (AI), he often likes to explore the industry's intricacies and innovations – whether dissecting the latest smartphone release or exploring the ethical implications of AI advancements. In his free time, he often embarks on impromptu road trips to unwind, recharge, and ...More