E-commerce giant Amazon has signed an agreement to purchase some assets from Times Internet-owned OTT platform MX Player. However, the transaction is yet to be complete.
“We are always looking for ways to introduce new products and services that help improve customers’ lives. We are excited to continue to entertain India with the great local originals and exclusive content available across our Prime Video and miniTV services in India,” an Amazon spokesperson said.
After nearly two years of deliberation, the two firms have reached a decision. The company has clarified its position, emphasising that it has acquired specific assets rather than the entire company.
In 2018, Times Internet acquired MX Player for $140 million. Since then, the company has implemented strategic initiatives to evolve MX Player from a simple video playback app to a robust video streaming platform. With a focus on meeting the increasing appetite for online entertainment in India and key international markets like the UK and the US, Times Internet has infused the platform with a wide array of licensed and original content.
