A shareholders’ agreement has been signed to this effect with Quintillion Media Limited (QML) and Quintillion Business Media Limited (QBML).
AMG Media Networks Limited, a subsidiary of the Adani group will pick a 49 percent stake in Raghav Bahl-curated digital business news platform Quintillion Business Media Pvt Ltd for an undisclosed sum, according to a regulatory filing.
Earlier this year on 1st March 2022, the Adani group announced that it will be acquiring a minor 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 percent stake in QBML, said Adani Enterprises in a late-night regulatory filing on May 13.
“The shareholders’ agreement and share purchase agreement record the terms of agreement concerning the acquisition of 49 percent 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 that covers content based on the Indian economy, international finance, corporate law & governance, and business news, amongst others through its platform Bloomberg Quint. Earlier in November 2021, Quint Digital announced the acquisition of a 100% stake in Quintillion Business Media.
The Quint was founded by Raghav Bahl and Ritu Kapur in 2015 after their exit from Network18. The acquisition 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.
“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 capitalization of over USD 150 billion, comprising seven publicly listed companies that are in the business of operating airports and ports, power generation and transmission, and coal, and city gas distribution networks.
