Sunday, June 16, 2024

Gautam Adani’s AMG Media acquires 49% in Quintillion Business Media for ₹48 crore

Billionaire Gautam Adani’s AMG Media Networks has acquired about a 49 per cent stake in Raghav Bahl-curated digital business news platform Quintillion Business Media Pvt Ltd for about 48 crore.

“In continuation to our earlier intimation dated May 13, 2022, vide which we had informed you about execution of Share Purchase Agreement dated May 13, 2022 (“SPA”) executed between AMNL, Quintillion Media Limited (“QML”), Quintillion Media Limited QBML and Quint Digital Media Limited (“QDML”). We hereby inform you that AMNL has completed the acquisition of 49% equity stake in QBML, in accordance with the terms contemplated under the SPA ,” Adani Enterprises Ltd said in a stock exchange filing.

The transaction was completed on March 27 for ” 47.84 crore”, it said.

Quintillion Business Media runs the news platform Bloomberg Qunit, now called BQ Prime.

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”.

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