Amazon has confirmed the acquisition of select assets from Times Internet-owned MX Player, following reports of a potential full acquisition by the e-commerce giant. The transaction, however, remains incomplete, according to sources familiar with the matter.
In a statement to Entrackr, an Amazon spokesperson said, “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.”
The initial reports had suggested that Amazon was close to acquiring MX Player in a deal valued at approximately $50 million. Sources indicated that this transaction was a distress sale, with the primary focus on integrating MX Player’s content IP with Amazon’s existing platforms, miniTV and Prime Video. However, Amazon’s clarification indicates a strategic move to avoid taking on MX Player’s liabilities and other business operations.
The MX Player team, including CEO Karan Bedi, is expected to transition to Amazon’s miniTV division, with Bedi likely assuming the role of director. Despite these indications, Amazon has refrained from commenting on specific details regarding management changes and the merger with its current services.
MX Player, a prominent video streaming platform owned by MX Media, also operated the short video entertainment app MX TakaTak, which merged with ShareChat, a Google-backed platform, in February 2022.
Times Internet has not responded to queries regarding the transaction.
This strategic acquisition aligns with Amazon’s ongoing efforts to expand its digital content offerings in India, leveraging MX Player’s extensive library of local originals and exclusive content to enhance its competitive edge in the rapidly growing Indian market.
