AMG Media Networks Limited, a newly set up fully-owned subsidiary of Adani Enterprises, will acquire a 49 percent stake in Raghav Behl’s online business news site– Quintillion Business Media, for an undisclosed amount, it stated in a BSE filing.
“With reference to the captioned subject, we would like to inform you that, AMG Media Networks Limited (“AMG Media”), a wholly-owned subsidiary of the Company has signed (i) Shareholders’ Agreement with Quintillion Media Limited (“QML”) and Quintillion Business Media Limited (“QBML”) and (ii) Share Purchase Agreement with QML, QBML and Quint Digital Media Limited (“QDML”) dated 13th May 2022 in connection with its proposed acquisition of 49% stake in QBML,” it stated in the filing.
“The SHA and SPA record the terms of agreement with respect to the acquisition of 49% equity shares of QBML by AMG Media and the inter se rights and obligations and other matters in connection therewith,” it said.
The deal is subject to customary closing conditions along with necessary regulatory approvals.
QBML provides business and financial news and runs the business news digital platform BloombergQuint.
On March 1, 2022, Adani Enterprises inked a Memorandum of Understanding with Quint and announced its entry into the media business by picking up an undisclosed minority stake in QBML.
The conglomerate was working fingers to the bones in the past few months to get an entry into the media space. It onboarded veteran journalist–the former editor-in-chief of CNBC Awaaz and the President at Quint Digital Media–Sanjay Pugalia, to head Adani Media Ventures.
On his appointment, Adani Group said: “We look forward to leveraging Sanjay’s wide-ranging experience in media, communications, and branding across the Adani Group’s diverse range of businesses and in our Nation Building initiatives.”
The conglomerate has over $150-billion market capitalization. It has a diversified business portfolio, spreading from airports and ports, power generation and transmission, coal and city gas distribution networks to owning media now.
On Monday, shares of the Quint Digital Media jumped 9.99 percent to Rs 327.55 and are locked in a 10% upper circuit over the announcement of the news.