Quintillion Business Media, a digital business news portal run by Raghav Bahl, has completed the acquisition of about 49% of the company from billionaire Gautam Adani’s AMG Media Networks. According to a stock exchange filing by Adani Enterprises, the acquisition cost Rs 48 crore. The deal was first disclosed in May of the previous year.
Details about Quintillion Business Media’s 49% is acquired by Gautam Adani’s AMG Media Networks
On May 13, 2022, the parties signed a selling agreement, and on March 27, 2023, the transaction was finalised. It stated that the total cost of the transaction was Rs. 47.84 crore.
The news website Bloomberg Quint, now known as BQ Prime, is operated by Quintillion Business Media. For its venture into the “publishing, advertising, broadcasting, and distribution of information via various sorts of media networks,” the Adani Group established AMG Media Networks.
Adani Enterprises said on March 1, 2022, that it had signed a Memorandum of Understanding with Quint and was entering the media industry by acquiring an undefined minority share in QBML.
In September 2021, the conglomerate engaged seasoned journalist Sanjay Pugalia to head Adani Media Ventures.
Separately, the Adani group acquired a 64.71 percent investment in New Delhi Television Ltd. (NDTV) last year, including the founders Prannoy Roy and Radhika Roy’s ownership stake of 27.26 percent. The Roys and four more independent corporate directors resigned on December 30.
