Amazon (NASDAQ:) has reached an agreement to acquire certain assets of Indian video streaming service MX Player from Times Internet, TechCrunch reported Thursday.
According to the report, the final agreement was reached on Wednesday evening.
The deal, which marks a significant step for Amazon in expanding its brand presence in smaller cities and towns in India, values MX Player at less than $100 million, notably less than its last capital-raising valuation of $500 million.
TechCrunch reported that Amazon will acquire certain assets of MX Player, rather than the entire company.
“We’re always looking for ways to introduce new products and services that help improve customers’ lives,” an Amazon spokesperson told TechCrunch.
“We are excited to continue entertaining India with great local originals and exclusive content available on our Prime Video and miniTV services in India.”
The acquisition caps nearly two years of discussions between the two firms aimed at finding synergies between their platforms. Over the past two years, Times Internet and its parent company Times Group have been actively trying to sell many of their digital assets.