Quint Digital Media Limitedannounced on Tuesday that the Adani Group will acquire a minority stake in Quintillion Business Media Private Limited, or QBM, an indirect subsidiary of Quint Digital. QBM is a “business and financial news company” that operates Bloomberg Quint in India.
In a press release, Quint Digital said the transaction with the Adani Group is “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 press release quoted Adani Media Ventures Limited CEO Sanjay Pugalia as saying this “marks a strong beginning of Adani Group’s foray into Indian media”.
“Adani Media Ventures intends to lead the path for new age media across different platforms,” he said. “The adoption of technology and the increased ability of our nation to consume information has dramatically transformed the way media is expected to disseminate authentic information. This is exactly what Adani Media Ventures aims to do...”
Anil Uniyal, the CEO of QBM, said that given the Adani Group’s “proven execution record”, its “support to fulfill the ambitions of QBM will lay the foundation for accelerating the growth of the business and scale of QBM’s high quality content for the Indian audiences.”