AMG Media Networks Limited, a wholly owned subsidiary of Adani Enterprises, will acquire a 49 per cent stake in Quintillion Business Media, according to a BSE filing. The pick was made for an undisclosed amount of money from Raghav Bahl’s Digital Business News site.
“With reference to the captioned subject matter, we would like to inform you that AMG Media Networks Limited (” AMG Media “) has signed a shareholders’ agreement with (i) Quintillion Media Limited (” QML “), a wholly owned subsidiary of the company. And Quintillion Business Media Limited (“QBML”) and (ii) the proposed acquisition of 49% of the shares in QBML. Stated in the filing.
“SHA and SPA record the terms and conditions of the agreement regarding the acquisition of 49% equity shares of QBML by AMG Media and the related proprietary and liability and other issues,” it said.
QBML is a business and financial news organization and business news digital platform operated by BloombergQuint.
On March 1, 2022, Adani Enterprise signed a Memorandum of Understanding with Quint and announced its entry into the media business by acquiring an indefinite minority stake in QBML.
The group has been trying to enter the media space for the past few months. It hired veteran journalist Sanjay Pugalia to lead Adani Media Ventures. With a market capitalization of over $ 150 billion, the company is involved in the business of airport and port management, power generation and transmission, coal and city gas distribution networks.
Read more: Adani Group to acquire minority stake in Quintilion Business Media