Gautam Adani Finishes 49% Stake Acquisition in Quintillion Business Media
AMG Media Networks, owned by billionaire Gautam Adani, has acquired a 49 percent stake in Raghav Bahl's digital business news platform Quintillion Business Media Pvt Ltd for approximately Rs 48 crore.
Adani Enterprises Ltd said in a stock exchange filing that its subsidiary AMG Media Networks Ltd had completed the acquisition, which was first announced in May of last year.
Quintillion Business Media operates the news platform Bloomberg Quint, which is now known as BQ Prime.
The transaction was completed on March 27 for "Rs 47.84 crore," according to the statement.
Adani Group established AMG Media Networks for its venture into "publishing, advertising, broadcasting, and content distribution over various types of media networks."
It signed a shareholders' agreement with Quintillion Media Ltd (QML) and QBML in May of last year.
It hired veteran journalist Sanjay Pugalia to lead its media company Adani Media Ventures in September 2021.