The Adani Group, led by billionaire Gautam Adani, is set to acquire the remaining 51 percent stake in Quintillion Business Media Pvt Ltd, solidifying its control over the digital business news platform curated by Raghav Bahl.
The flagship company of Adani Enterprises Ltd, a sprawling conglomerate spanning ports to energy, announced in a stock exchange filing that its subsidiary, AMG Media Networks Ltd, has received board approval to enter a binding memorandum of understanding (MoU) with Quintillion Media Ltd. This MoU marks the acquisition of the outstanding 51 percent stake in the company that operates the BQ Prime digital media platform for business and financial news.
Quintillion Media Ltd was Adani’s initial venture into the Indian news industry before the conglomerate secured about 65 percent ownership in broadcaster NDTV in December of the prior year. In an earlier transaction, AMG Media had purchased a 49 percent stake in Quintillion Business Media Ltd (QBML) for Rs 47.84 crore.
Formerly known as Bloomberg Quint, BQ Prime was a joint venture between US-based financial news agency Bloomberg Media and Bahl’s Quintillion Media. However, Bloomberg ended its involvement in this partnership in March of the preceding year.
The filing indicated that following the acquisition, “QBML will become a wholly-owned subsidiary of AMNL,” but the financial details of the deal remained undisclosed.
The establishment of AMG Media Networks by the Adani Group signaled its entry into various media-related businesses such as publishing, advertising, broadcasting, and content distribution through different media networks.
In May of the previous year, AMG Media entered into a shareholders’ agreement with Quintillion Media Ltd (QML) for the acquisition of QBML.
During September of 2021, AMG Media Networks appointed veteran journalist Sanjay Pugalia to head Adani Media Ventures, the company’s media-focused branch.
According to the latest filing, the MoU outlines the terms of agreement, inter-se rights and obligations, and other relevant matters concerning the purchase of the remaining 51 percent equity shares of QBML by AMNL from QML.
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