XLY - Amazon Strengthens India Presence With MX Player Asset Acquisition: Report | Benzinga
Amazon.com Inc (NASDAQ:AMZN) has reportedly agreed to purchase certain assets of Indian video streaming service MX Player from local media giant Times Internet in an attempt to enhance its presence in smaller cities and towns in India.
Amazon reached a definitive agreement with Times Internet on Wednesday evening, according to a report from TechCrunch.
The deal, valued at under $100 million, is significantly lower than the $500 million valuation MX Player achieved in its last capital raise.
Amazon is acquiring some assets of MX Player, which also counts Tencent Holdings Ltd. (OTC:TCEHY) among its investors. This acquisition concludes nearly two years of discussions aimed at finding synergies between the firms, per the report.
Over the past ...