Gautam Adani's AMG Media Networks is buying a 49% stake in Quintillion Business Media for an undisclosed sum, according to a regulatory filing with the National Stock Exchange. Quintillion Business Media runs the news platform Bloomberg Quint, now called BQ Prime.
Quint Digital Media Ltd confirmed the proposed deal. “We would like to inform you that pursuant to the Memorandum of Understanding dated March 1, 2022, the Company and its material subsidiaries Quintillion Media Limited and Quintillion Business Media Ltd have signed definite agreements with AMG Media Networks Limited, a wholly-owned subsidiary of Adani Enterprises Limited, to conclude the divestment of 49% stake in Quintillion Business Media Ltd,” the company said in a separate regulatory filing according to the Mint.
On March 1, the Adani Group had 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.
AMG Media Networks was set up by Adani Enterprises last month to foray into businesses of “publishing, advertising, broadcasting, distribution of content over different types of media networks”.
Adani Group, according to the Mint, has a market capitalisation of over $150 billion, including seven publicly listed firms that are in the business of operating airports and ports, power generation and transmission, coal and city gas distribution network.