Adani’s AMG Media Network gets 49% stake in Quintillion Business Media for Rs 48 crore

Adani Enterprise Ltd divulged that it acquired the stake on March 27 in a stock exchange filing

by exchange4media Staff
Published - Mar 28, 2023 9:14 AM | 2 min read

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Gautam Adani’s AMG Media Networks has reportedly acquired a 49% stake in Quintillion Business Media Pvt Ltd for Rs 48 crore. While the decision to make the acquisition was announced in May 2022, Adani Enterprise Ltd divulged that it acquired the stake on March 27 in a stock exchange filing.

Quintillion Business Media runs the digital publication Bloomberg Quint now called BQ Prime.

QBM is a business and financial news company and operates a leading business news digital platform in India. QBM’s main content is based on the Indian economy, international finance, corporate law & governance and business news, amongst others through its platform Bloomberg | Quint. It has a subsisting content agreement with Bloomberg Television Production Services India Private Limited.

Back in May, Sanjay Pugalia, CEO, Adani Media Ventures Limited stated: “Adani Media Ventures intends to lead the path for new age media across different platforms. The adoption of technology and the increased ability of our nation to consume information has dramatically transformed the way media is expected to disseminate authentic information. This is exactly what Adani Media Ventures aims to do. I have had the privilege of working with QBM’s talented, credible and diverse team. This relationship between AMV and QBM marks a strong beginning of Adani Group’s foray into Indian media.”

“We are delighted to welcome the Adani Group as an investor in QBM. Given the proven execution record of the Adani group, their support to fulfill the ambitions of QBM will lay the foundation for accelerating the growth of the business and scale of QBM’s high quality content for the Indian audiences,” saidAnil Uniyal, CEO, QBM.