Amazon acquires the assets of an Indian streaming video provider MX Participant

TechCrunch revealed on Thursday that Amazon and Times Internet had struck a deal to purchase a portion of the assets of the Indian video streaming business MX Player.

The article states that on Wednesday night, the final deal was reached.

The purchase, which values MX Player at less than $100 million—a huge drop from its previous capital raising valuation of $500 million—marks a key step for Amazon to grow its brand presence in smaller Indian cities and villages.

According to TechCrunch, Amazon will buy some but not all of MX Player's assets.

"We are constantly seeking methods to launch new goods and services that enhance the lives of our customers," an Amazon representative said in a statement to TechCrunch.

"With the fantastic local originals and exclusive content available across our Prime Video and miniTV services in India, we're excited to continue entertaining India."

After over two years of talks, the two companies have finally found synergies across their platforms with this transaction. Times Internet and Times Group, the company's owners, have been aggressively seeking to sell off a large number of their digital assets over the last two years.

(Sources: investing.com, reuters.com, techcrunch.com)