AMG Media Networks, a unit of Gautam Adani’s Adani Enterprises, is set to acquire a 49 per cent stake in Raghav Bahl-curated digital business news platform Quintillion Business Media Pvt Ltd (QBML) for an undisclosed sum, as per a regulatory filing.
AMG Media signed a shareholders’ agreement to this effect with Quintillion Media Limited (QML) and QBML on May 13, 2022. It has also signed a share purchase agreement with QML, QBML and Quint Digital Media Limited (QDML).
In a stock exchange filing, Adani Enterprises Limited, said, “The SHA and SPA record the terms of agreement with respect to the acquisition of 49 per cent equity shares of QBML by AMG Media and the inter se rights and obligations and other matters in connection therewith.”
QBML owns and operates an exclusive business and financial news digital media platform, BQ Prime (formerly known as Bloomberg Quint). Raghav Bahl and Ritu Kapur are the Promoters of QDML (formerly known as Gaurav Mercantiles Limited).
This was also confirmed by QDML 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.
Adani Enterprises had signed a Memorandum of Understanding with Quint and announced its foray into the media business on March 1, 2022 by acquiring an unspecified minority stake in Quintillion.
The port-to-energy conglomerate established AMG Media Networks, an arm it said would be in the business of “publishing, advertising, broadcasting, distribution of content over different types of media networks”, last month.