In early March, Adani Enterprises announced its entry into the media business by taking an unspecified minority stake in Quintillion Business Media Ltd. acquired
In early March, Adani Enterprises announced its entry into the media business by taking an unspecified minority stake in Quintillion Business Media Ltd. acquired
AMG Media Networks, a unit of billionaire Gautam Adani conglomerate Adani Enterprises, will acquire a 49 percent stake in digital business news platform Quintillion Business Media Pvt Ltd, curated by Raghav Bahl, for an undisclosed sum, according to a regulatory filing.
In early March, Adani Enterprises announced its entry into the media business by acquiring an unspecified minority stake in Quintillion Business Media Ltd (QBML).
It has signed a shareholder agreement with Quintillion Media Ltd (QML) and QBML and a share purchase agreement with QML, QBML and Quint Digital Media Ltd (QDML) in connection with the proposed acquisition of a 49 percent stake in QBML, Adani Enterprises said in a nightly regulatory filing on May 13th.
“SHA and SPA document the terms of the agreement in relation to AMG Media’s acquisition of 49% of the shares of QBML and the mutual rights and obligations and other related matters,” said Adani Enterprises.
QBML is a business and financial news company and operates a leading digital business news platform BloombergQuint.
This has also been confirmed by Quint Digital Media Ltd through a separate regulatory filing with the exchanges.
“We would like to inform you that pursuant to the Letter of Intent dated March 1, 2022, the Company and its principal subsidiaries Quintillion Media Limited and Quintillion Business Media Ltd have signed definitive agreements with AMG Media Networks Limited, a wholly owned subsidiary of Adani Enterprises Limited, to complete the sale of a 49% stake in Quintillion Business Media Ltd.
Adani Enterprises had signed a letter of intent with Quint on March 1, 2022 and announced it would enter the media business by acquiring an unspecified minority stake in QBML.
“The proposed transaction with Adani Group applies only to QBM, a digital business news platform, and not in relation to other digital media/media technology properties owned by Quint Digital, viz. The QuintQuintype Technologies, the new minute and Youth Kiawaaz‘ it had said.
The port-to-energy conglomerate, led by Gautam Adani, has been eyeing its entry into the media space in recent months.
In September last year, it hired veteran journalist Sanjay Pugalia to run its media company Adani Media Ventures.
The Adani Group has a market capitalization in excess of US$150 billion and consists of seven publicly traded companies engaged in airport and port operations, power generation and transmission, and coal and town gas distribution networks.
