To fully control the Raghav Bahl-curated digital business news site, billionaire Gautam Adani’s organization will buy the remaining 51% of Quintillion Business Media Pvt Ltd.
The board of Adani Enterprises Ltd, the ports-to-energy conglomerate’s flagship company, “has approved to enter into a binding memorandum of undertaking (MoU) with Quintillion Media Ltd for the acquisition of remaining 51% stake,” according to a stock exchange filing. Adani Enterprises Ltd runs the business and financial news digital media platform BQ Prime.
Before purchasing a roughly 65 percent share in the broadcaster NDTV in December of last year, Quintillion was Adani’s first wager on the Indian news sector.
For Rs 47.84 crore, AMG Media earlier acquired a 49% share in Quintillion Business Media Ltd (QBML).
BQ Prime was formerly known as Bloomberg Quint, a previous joint venture between Bahl’s Quintillion Media and the US-based financial news outlet Bloomberg Media. Bloomberg ended the contract in March of the previous year.
Without providing any information on the transaction’s financials, it said that “QBML will become a wholly-owned subsidiary of AMNL” after the purchase.
For its entry into the “publishing, advertising, broadcasting, and distribution of content over various types of media networks,” Adani Group established AMG Media Networks.
AMG Media and Quintillion Media Ltd. (QML) signed a shareholders’ agreement in May 2022 to buy QBML.
AMG Media Networks named seasoned journalist Sanjay Pugalia to oversee Adani Media Ventures, a media-focused business, in September 2021.
According to the most recent filing, “The MoU records the terms of agreement and inter-se rights and obligations and other related matters with respect to the acquisition of remaining 51% equity shares of QBML by AMNL from QML.”
