Adani Enterprises, the ports-to-energy conglomerate's flagship firm's subsidiary AMG Media Networks board approved to enter into a binding memorandum of undertaking (MoU) with Quintillion Media for the acquisition of remaining 51 per cent stake, the company announced through an exchange filing. Post the acquisition the company has become a fully-owned subsidiary of AMG Media Networks.
Adani had acquired a stake in Quintillion before taking about 65 per cent stake in broadcaster NDTV in December last year.
AMG Media had previously bought a 49 per cent stake in Quintillion Business Media that operated the business and financial news digital media platform BQ Prime for Rs 47.84 crore.
BQ Prime was earlier known as Bloomberg Quint, a former joint venture between US-based financial news agency Bloomberg Media and Raghav Bahl's Quintillion Media. Bloomberg exited that agreement in March last year.
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".
In May 2022, AMG Media entered into a shareholders' agreement with Quintillion Media Ltd (QML) for the acquisition of QBML.
In September 2021, AMG Media Networks appointed veteran journalist Sanjay Pugalia to lead Adani Media Ventures, its media-focused company.
With Inputs From Agencies.