Adani group to acquire 49% stake in Quintillion Business Media

Gautam Adani's AMG Media Networks will buy a 49% stake in digital business news platform Quintillion Business Media Pvt Ltd (QBML) for an undisclosed amount. QBML is a business and financial news company and operates a leading business news digital platform BloombergQuint.

Quint Digital Media Ltd confirmed the proposed deal, “With reference to the captioned subject, we would like to inform you that, AMG Media Networks Limited (“AMG Media”), a wholly owned subsidiary of the Company has signed (i) Shareholders' Agreement with Quintillion Media Limited (“QML”) and Quintillion Business Media Limited (“QBML”) and (ii) Share Purchase Agreement with QML, QBML and Quint Digital Media Limited (“QDML”) dated 13th May, 2022 in connection with its proposed acquisition of 49% stake in QBML.”

The Adani Group had recently announced that it will acquire a minority stake in Quintillion Business Media, an indirect subsidiary of Quint Digital. The transaction, Quint Digital had said at the time, was “only for QBM” and not for other digital properties owned by Quint Digital such as the Quint, Quintype Technologies, the News Minute and Youth Ki Awaaz.

The conglomerate had hired veteran journalist Sanjay Pugalia to lead Adani Media Ventures. The conglomerate with over $150-billion market capitalisation is into the business of operating airports and ports, power generation and transmission, coal and city gas distribution networks.