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Amazon says it has purchased some assets of MX Player, not entire company

Entrackr · 6m

Last week Entrackr reported that Times Internet-owned MX Player is very close to getting acquired by Amazon. The e-commerce giant has now confirmed that it has acquired some assets of MX Player. Entrackr understands that Amazon has signed an agreement to purchase some assets from MX Player. The transaction, however, isn’t completed yet. “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,” said an Amazon spokesperson in a response to Entrackr queries sent on May 29. As mentioned above, Entrackr had reported that Amazon was close to acquiring MX Player and the contours of the deal have been chalked out. Sources had outlined that potential transaction is a distress one and valued MX Player in the range of $50 million. Sources also asserted that the MX Player team will join Mini TV and its chief executive officer Karan Bedi is likely to join as director. Amazon, however, didn’t comment on specific queries related to the management rejig and merger with its existing services. That said, Amazon’s official stand implies that the company is indeed looking to integrate MX Player’s content IP with Mini TV and Amazon Prime. Though, its emphasis on not acquiring the entire company suggests that it doesn’t want to cover liabilities and other sides of MX Player’s business. In case you didn’t know, MX Player is owned by MX Media which also used to operate short video entertainment app MX TakaTak. The TikTok-like platform merged with Google-backed ShareChat in February 2022. Times Internet hasn’t responded to our queries sent to them last week.