Adani Group Gives Nod To Buy Remaining Stake In Quintillion Business Media

Gautam Adani-led Adani Group said that its unit AMG Media Networks’ Board has approved the memorandum of understanding (MoU) to buy the remaining 51% stake in digital news platform Quintillion Business Media. Quint Digital Media is the parent group of Quintillion Business Media. 

After the completion of this deal, Quintillion will become a wholly-owned subsidiary of the Adani group's unit, AMG Media Networks Ltd. However, the parent company Quintillion did not disclose the details of the acquisition.

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Adani bought a 49% stake for Rs 478.4 million ($5.75 million) in March last year and this was his first bet in the Indian news industry before taking a nearly 65% stake in broadcaster NDTV in December. 

BQ Prime was earlier known as Bloomberg Quint, a former joint venture between U.S. based news agency Bloomberg Media and India's Quintillion Media. Bloomberg exited that agreement in March last year.

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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”.

In May last year, it had signed a shareholders’ agreement with Quintillion Media Ltd (QML) and QBML. In September 2021, it hired veteran journalist Sanjay Pugalia to lead its media company Adani Media Ventures.