NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

By Manish Singh

Amazon has agreed to acquire key assets of Indian video streaming service MX Player from the local media powerhouse Times Internet, the latest step by the e-commerce giant to make its services and brand popular in smaller cities and towns in the key overseas market.

The two firms reached a definitive agreement for the deal on Wednesday evening, a source familiar with the matter told TechCrunch. The deal values MX Player at less than $100 million, far short of the $500 million valuation at which the streamer raised its last capital, the source, who spoke on condition of anonymity because the companies are yet to publicly comment on the deal, told TechCrunch.

Photo courtesy of Thibault Penin.