Adani Group acquires the remaining 51% stake in BQ-publisher Quintillion Business

By siliconindia  |  Friday, 03 November 2023, 10:38:24 AM IST

Adani Group acquires the remaining 51% stake in BQ-publisher Quintillion Business
Gautam Adani's conglomerate, Adani Group, has acquired the remaining 51% stake of Quintillion Business Media Pvt Ltd for an undisclosed amount. The acquisition enables Adani Enterprises Ltd, the flagship firm of Adani Group, to fully control the digital business news platform BQ Prime, operated by QBML. Raghav Bahl-curated BQ Prime offers business and financial news through its digital media platform. The subsidiary of Adani Group, AMG Media Networks Ltd, executed a share purchase agreement to acquire the remaining stake in QBML, as per the stock exchange filing.
Adani had initially invested in the Indian news industry through Quintillion and later acquired a 65% stake in NDTV in December 2020. Before this, AMG Media had purchased a 49% stake in Quintillion Business Media Ltd (QBML) for Rs 47.84 crore. BQ Prime, which was previously known as Bloomberg Quint, was a former joint venture between Bloomberg Media and Bahl's Quintillion Media. Bloomberg withdrew from the partnership in March 2019.
"The SPA records the terms of the agreement and inter-se rights and obligations and other connected matters in respect of the acquisition of remaining 51 percent equity shares of QBML by AMNL from Quintillion Media Ltd (QML)", Adani said. QBML will become a wholly-owned subsidiary of AMNL after the acquisition, it added.
Adani Group had set up AMG Media Networks for its foray into businesses of "publishing, advertising, broadcasting, distribution of content over different types of media networks". AMG Media entered into a shareholders' agreement with Quintillion Media Ltd (QML) to acquire QBML. In September 2021, AMG Media Networks appointed veteran journalist Sanjay Pugalia to lead Adani Media Ventures, its media-focused company.

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