AMG Media Networks, a unit of billionaire Gautam Adani’s conglomerate Adani Enterprises, will pick a 49% stake in Raghav Bahl-curated digital business news platform Quintillion Business Media Pvt Ltd for an undisclosed sum, according to a regulatory filing.
Earlier in March, Adani Enterprises announced its foray into the media business by acquiring an unspecified minority stake in Quintillion Business Media Ltd (QBML).
It has signed a Shareholders‘ Agreement with Quintillion Media Ltd (QML) and QBML and a share purchase agreement with QML, QBML and Quint Digital Media Ltd (QDML) in connection with its proposed acquisition of a 49% stake in QBML, said Adani Enterprises in a late-night regulatory filing on May 13.
“The SHA and SPA record the terms of agreement with respect to the acquisition of 49% equity shares of QBML by AMG Media and the inter se rights and obligations and other matters in connection therewith,” said Adani Enterprises.
QBML is a business and financial news company and operates a leading business news digital platform BloombergQuint.
This was also confirmed by Quint Digital Media Ltd through a separate regulatory filing to the exchanges.
“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,” it said.
Adani Enterprises had on March 1, 2022, signed a Memorandum of Understanding with Quint and announced to foray into the media business of by acquiring an unspecified minority stake in QBML.
“The proposed transaction with the Adani Group is only for QBM which is a digital business news platform and not in relation to other digital media/ media tech properties owned by Quint Digital viz. The Quint, Quintype Technologies, the new minute and Youthkiawaaz,” it had said.
The port-to-energy conglomerate helmed by Gautam Adani has been eyeing entry into the media space for the past few months.
In September last year, it hired veteran journalist Sanjay Pugalia to lead its media company, Adani Media Ventures.
Adani Group has a market capitalisation of over $150 billion, comprising seven publicly listed companies that are in the business of operating airports and ports, power generation and transmission, coal and city gas distribution network.
