Quint Digital Media has entered an agreement to acquire 100 percent ownership of Quintillion Media Private Limited, including underlying stakes in digital media and technology assets such as Quintype Technologies India Private Limited and YKA Media Private Limited, according to a by Exchange4Media.
Quintillion Business Media Private Limited operates digital news platform the Quint, while Quintype Technologies India Private Limited provides content management systems to digital media publishers. YKA Media Private Limited runs Youth Ki Awaaz, a youth media platform.
The report claimed that the “stakes will be acquired for a total consideration of Rs 24.5 crore.”
Quint Digital Media will also acquire a 47.92 percent stake in Spunklane Media Private Limited, which operates digital news platform The News Minute, which reports on issues related to the southern states.
Speaking about the acquisition to Exchange4Media, Ritu Kapur, co-promoter and CEO of Quint Digital, said, “The proposed acquisition of stakes in QBM, SMP and YKA will give Quint Digital the double edge advantage of synergising across news platforms as well as diversifying across demographics and geographies, bringing a larger community of readers/viewers into our fold.”
Meanwhile, Quint Digital Media's revenue has surged by 85 percent to Rs 9.6 crore for the quarter ending September 30 as against Rs 5.2 crore in the same quarter of the previous fiscal, according to another by Exchange4Media.