Amazon Confirms It Bought Some Assets Of Times Internet's MX Player

E-commerce giant Amazon has confirmed it has entered into an agreement to acquire some assets of the over-the-top platform MX Player from Times Internet, not the whole company.

Only a deal has been signed, and the transaction is not yet complete, Amazon told NDTV Profit in response to queries on Thursday.

"We are always looking for ways to introduce new products and services that help improve customers’ lives. 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," a spokesperson said.

Amazon declined to comment on other aspects of the deal, including the assets purchased, the valuation, or the leadership status.

Over the past two weeks, various reports have indicated a distress sale of MX Player, with Amazon acquiring the fledgling platform for anywhere between $70 million and $100 million, compared to the $140-million purchase price.

Times Internet acquired MX Player in 2018, owing to the company's popularity as a video player with wide format support capabilities. After the Times Group acquired it, they piloted it as a pure-play OTT platform, featuring content from production houses like Hungama, Shemaroo, Sony, and Sun TV, in addition to producing original content such as the Bobby Deol-starrer Aashram.