Amazon agrees to buy some of MX Player’s assets in $100 million deal: report

Amazon on Wednesday agreed to buy some of the assets of video streaming platform MX Player from Times Internet, according to a report. The first mention of this deal reportedly surfaced in 2023 when the e-commerce giant began negotiations with the Tencent-backed company, but they almost fell through. In May, it was announced that talks between the two sides had resumed and that a possible deal was on the horizon. The deal has reportedly now been agreed for less than $100 million.

Amazon buys part of MX Player’s assets

TechCrunch, citing a source familiar with the matter, reported that Amazon and Times Internet have agreed to a deal that will see the retail giant buy some of the assets, but not the video-streaming platform in its entirety. With this deal, Amazon is getting a “distribution and marketing partner” that could potentially help the company become “more popular and trusted” by 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 video streaming platform, but supported by ads, with options such as offline streaming, background playback and more.

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

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

“We’re always looking for ways to introduce new products and services that help improve customers’ lives,” an Amazon spokesperson announced. “We are excited to continue entertaining India with great local originals and exclusive content available on our Prime Video and miniTV services in India.”

Inc42 further reported that after this deal closes, MX Player’s senior management will join Amazon. It is speculated that the official announcement of the contract will come in a week.