-By ArdorComm News Network
May 16, 2022
According to a regulatory statement to the exchanges, Adani Group’s unit AMG Media Networks will acquire a 49 percent stake in Raghav Bahl’s digital business news platform Quintillion Business Media for an undisclosed amount.
Earlier this year, the Adani Group bought a minority stake in Quintillion Business Media for an undisclosed sum. In accordance with its proposed acquisition of a 49 percent stake in the media company, it has signed a Shareholders’ Agreement with Quintillion Media Ltd (QML) and QBML, as well as a share purchase agreement with QML, QBML, and Ltd (QDML). The deal is reportedly subject to customary closing conditions as well as necessary regulatory approvals.
Quint Digital Media’s stock jumped dramatically on Monday, gaining more than 9% at 12.13 p.m. The current price of the stock is Rs 325.
Adani Enterprises signed a Memorandum of Understanding with Quint on March 1, 2022, and stated its intention to enter the media business by acquiring an undefined minority stake in QBML.
“The proposed transaction with the Adani Group is only for QBM, a digital business news platform, and has nothing to do with Quint Digital’s other digital media/media tech properties, such as The Quint, Quintype Technologies, the new minute, and Youthkiawaaz,” it had stated.
Gautam Adani’s port-to-energy business has been considering a move into the media space for several months.
It engaged veteran journalist Sanjay Pugalia to oversee its media company, Adani Media Ventures, in September of last year.
The Adani Group, which consists of seven publicly listed companies that operate airports and ports, power generation and transmission, coal, and a city gas distribution network, has a market capitalization of about USD 150 billion.
Source: PTI