Adani's AGM Media Networks acquires 49% in Quintillion Business Media for Rs 48 crore

Billionaire Gautam Adani's AMG Media Networks on Monday completed the acquisition of about a 49 per cent stake in Raghav Bahl-curated digital business news platform Quintillion Business Media Pvt Ltd for about Rs 48 crore, the Adani Enterprises Limited announced through an exchange filing.

In the exchange filing the company said its subsidiary AMG Media Networks Limited has completed the acquisition which was originally announced in May last year.

The acquisition that was completed on March 27 wad for Rs 47.84 crore.

In May last year, AMG Media Networks had signed a shareholders' agreement with Quintillion Media Limited and QBML.

Quintillion Business Media that was acquired by the Adani group runs the news platform Bloomberg Quint which is now called BQ Prime.

Adani AMG Media Networks

Adani group had set up AMG Media Networks to enter into businesses of publishing, broadcasting, advertising and distribution of content over different types of media networks. In September 2021, it hired veteran journalist Sanjay Pugalia to lead its media company.

Adani acquires NDTV

Additionally, last year Adani group acquired 64.71 per cent stake in New Delhi Television Limited (NDTV). The acquisition also includes founders Prannoy Roy and Radhika Roy’s 27.26 per cent equity stake. The Roys and four other independent directors of NDTV stepped down on December 30.

With inputs from PTI