Adani's AMG Media acquires 49% in Quintillion Business Media for Rs 48 cr
Billionaire Gautam Adani's AMG Media Networks has acquired about a 49 per cent stake in Raghav Bahl-curated digital business news platform Quintillion Business Media Pvt Ltd for about Rs 48 crore.
In a stock exchange filing, Adani Enterprises Ltd said its subsidiary AMG Media Networks Ltd has completed the acquisition which was originally announced in May last year.
The transaction was completed on March 27 for "Rs 47.84 crore", it said.
Quintillion Business Media runs the news platform Bloomberg Qunit, now called BQ Prime.
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.