The Gautam Adani-owned AMG Media Networks has acquired the remaining 51% in Quintillion Business Media Private Limited (QBML). AMG Media had bought a 49% stake in QBML for Rs 47.84 crore earlier in the year, which now gives Adani full control of the digital business news platform.
In a stock exchange filing, Adani Enterprises said its subsidiary AMG Media Networks “has executed a share purchase agreement for the acquisition of remaining 51% in QBML.” Quintillion operates the business and financial news digital media platform BQ Prime.
Consolidating its hold in the media industry, Adani’s company also acquired about a 65% stake in broadcaster NDTV in December last year.
BQ Prime was earlier known as Bloomberg Quint, a former joint venture between US-based financial news agency Bloomberg Media and Raghav Bahl’s Quintillion Media. Bloomberg exited that agreement in March last year.
Quintillion Business Media will now become a wholly-owned subsidiary of AMG. According to the company, the 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”.
AMG had appointed journalist Sanjay Pugalia to head their media organization in September 2021.
Quintillion Business Media is a subsidiary of Quint Digital Media. The deal will not include other digital properties owned by Quint Digital Media, such as news portal thequint.com, Quintype Technologies, the News Minute and Youth Ki Awaaz.