The Adani Group company Adani Enterprises forayed into the media business by acquiring an unspecified minority stake in Quintillion Business Media earlier this year.
Whatever Adani touches, turns to gold. This has yet again been proved right.
According to a regulatory statement to the exchanges, Adani Group’s arm AMG Media Networks will purchase a 49 percent ownership in Raghav Bahl’s digital business news site Quintillion Business Media for an unknown fee.
Adani Group unit Adani Enterprises entered the media market earlier this year by purchasing an undetermined minority position in Quintillion Business Media.
In accordance with its proposed acquisition of a 49 percent stake in the media firm, it has signed a Shareholders’ Agreement with Quintillion Media Ltd (QML) and QBML, as well as a share purchase agreement with QML, QBML, and Quint Digital Media Ltd (QDML).
According to reports, the purchase is subject to normal closing conditions as well as necessary clearances from relevant authorities.
Quint Digital Media Ltd confirmed the proposed deal. “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,”
Quint Digital Media shares jumped dramatically on Monday, rising more than 9% at 12.13 p.m. The share price is at Rs 325.
Adani Group stated on March 1 that it will purchase a minority position in Quintillion Business Media, an indirect subsidiary of Quint Digital. Quint Digital stated at the time that the sale was “only for QBM” and did not include other digital assets held by Quint Digital such as the Quint, Quintype Technologies, the News Minute, and Youth Ki Awaaz.
Adani Enterprises established AMG Media Networks this month to enter the “publishing, advertising, broadcasting, and distribution of content over various types of media networks” sector.
According to the Mint, Adani Group has a market capitalization of more than $150 billion, which includes seven publicly traded companies that operate airports and ports, electricity generation and transmission, coal.
