Adani Group completes acquisition of 49% stake in Quintillion Business Media
Billionaire Gautam Adani-helmed AMG Media Networks has acquired about a 49 percent stake in Raghav Bahl-controlled digital business news platform Bloomberg-Quint of Quintillion Business Media Pvt Ltd for about Rs.48 crore. According to a stock exchange filing by Adani Enterprises. The acquisition was originally announced in May last year.
The parties entered into an agreement for sale on May 13, 2022, and the deal was completed on March 27, 2023. The transaction was completed for Rs.47.84 crore, it said.
Quintillion Business Media runs the news platform Bloomberg Qunit, now called BQ Prime. Adani Group had set up AMG Media Networks for its foray into businesses of “publishing, advertising, broadcasting, distribution of content over different types of media networks”.
In May last year, it signed a shareholders’ agreement with Quintillion Media Ltd (QML) and QBML. In September 2021, it hired veteran journalist Sanjay Pugalia to lead its media company Adani Media Ventures.
Last year the Adani Group took control of a 64.71 percent stake in New Delhi Television Ltd (NDTV), including founders Prannoy Roy and Radhika Roy’s 27.26 percent equity stake. The Roys and four other company independent directors stepped down, effective December 30.
The actions will significantly accelerate value creation for all stakeholders, in line with the Adani Group’s business philosophy, and will help to capture the growth in the market.
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