Billionaire Gautam Adani-helmed AMG Media Networks has completed the acquisition of around 49 per cent stake in Quintillion Business Media, a digital business news platform led by Raghav Bahl. The acquisition was for 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 Quint, 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”.
On March 1, 2022, Adani Enterprises had signed a Memorandum of Understanding with Quint and announced its foray into the media business by acquiring an unspecified minority stake in QBML.
The conglomerate had hired veteran journalist Sanjay Pugalia in September 2021 to lead Adani Media Ventures.
Separately, last year the Adani group had taken control of 64.71 per cent stake in New Delhi Television Ltd (NDTV), including founders Prannoy Roy and Radhika Roy’s 27.26 per cent equity stake. The Roys and four other independent directors of the company stepped down, effective December 30.