AMG Media Networks, owned by billionaire Gautam Adani, has acquired approximately 49% of Quintillion Business Media, a digital business news platform run by Raghav Bahl.
According to Adani Enterprises’ stock exchange filing, the acquisition cost Rs 48 crore. In May of last year, the investment was initially announced. The agreement for sale was signed on May 13, 2022, and the transaction was closed on March 27, 2023. It stated that the transaction was concluded for Rs 47.84 crore.
The news site Bloomberg Quint, now known as BQ Prime, is operated by Quintillion Business Media. For its venture into “publishing, advertising, broadcasting, and allocation of content over different types of media networks,” Adani Group established AMG Media Networks.
Adani Enterprises announced its foray into the media industry by acquiring an unspecified minority stake in QBML on March 1, 2022, after signing a Memorandum of Understanding with Quint. In September 2021, the conglomerate appointed Sanjay Pugalia, a seasoned journalist, to lead Adani Media Ventures.
In addition, the Adani group acquired a 64.71 percent stake in New Delhi Television Ltd. (NDTV) the previous year, including the equity stake of 27.26 percent held by NDTV founders Prannoy and Radhika Roy. The company’s Roys and four other independent directors resigned on December 30.
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