Adani Group : The remaining 51% of Quintillion Business Media Pvt Ltd, the company that manages the business and financial news digital media platform BQ Prime, would be purchased by billionaire Gautam Adani’s organisation.
Formerly known as Bloomberg Quint, BQ Prime was a joint venture between Quintillion Media, owned by Raghav Bahl, and Bloomberg Media, a US-based provider of financial news.In March of the previous year, Bloomberg ended the agreement.
In a stock exchange filing, Adani Enterprises Ltd., the main company of the ports-to-energy conglomerate, stated that the board of its subsidiary AMG Media Networks Ltd. “has approved to enter into a binding memorandum of undertaking (MoU) with Quintillion Media Ltd. for the acquisition of remaining 51% stake” in the company.
For Rs 47.84 crore, AMG Media previously acquired a 49% interest in Bahl’s Quintillion Media. Following this outcome, QBML will join AMNL as a fully owned subsidiary.
Veteran journalist Sanjay Pugalia was chosen by Adani’s AMG Media Networks to be the organization’s CEO in September 2021.
Later in May 2022, AMG Media Networks and Quintillion Media Ltd. came into a shareholders’ agreement for the purchase of QBML.
Adani also purchased a roughly 65% share in the broadcaster NDTV in December of last year.
The Adani Group established AMG Media Networks to launch its venture into the publishing, advertising, broadcasting, and content distribution industries.