Adani acquires 49 per cent in Quintillion Business Media for Rs 48 crore
By MYBRANDBOOK
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 Rs 48 crore. According to a stock exchange filing, the subsidiary of Adani Enterprises - AMG Media Networks Ltd has completed the acquisition which was originally announced in May last year. That time it had signed a shareholders’ agreement with Quintillion Media Ltd (QML) and QBML.
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”. Quintillion Business Media runs the news platform Bloomberg Quint, now called BQ Prime.
On the other side, last year the Adani group had taken control of 64.71 per cent stake in New Delhi Television Ltd (NDTV), including founders Prannoy Roy and Radhika Roy’s 27.26 per cent equity stake. The Roys and four other independent directors of the company stepped down, effective December 30.
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