Amazon (NASDAQ:AMZN) has reached an agreement to acquire some assets of Indian video streaming service MX Player from Times Internet, TechCrunch reported Thursday.
According to the report, the definitive agreement was finalized on Wednesday evening.
The deal, which marks a significant step for Amazon to expand its brand presence in smaller cities and towns in India, values MX Player at under $100 million, a marked decrease from its last capital raise valuation of $500 million.
TechCrunch said Amazon will acquire certain assets of MX Player rather than the entire company.
“We are always looking for ways to introduce new products and services that help improve customers’ lives,” an Amazon spokesperson told TechCrunch in a statement.
“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.”
This acquisition concludes 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 looking to divest many of their digital assets.