The agreement places the value of MX Player at under $100 million, significantly below the $500 million valuation at which the streaming service last raised funds, according to a source who spoke with TechCrunch.
MX Player, which also receives backing from Tencent, will see many of its executives transition to Amazon once the acquisition is completed.
This deal concludes almost two years of negotiations between the companies as they explored potential synergies among their assets, with Times Internet actively looking to divest its digital assets, some of which may be integrated into Amazon Prime.
MX Player enjoys considerable popularity in smaller Indian cities, contrasting with Amazon's e-commerce service, which has primarily appealed to consumers in larger urban areas.
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