Adani's AMG Media Networks Acquires 49 percent Stake in Quintillion Business Media Pvt Ltd
Adani Group's Acquisition of Bloomberg Quint: Diversifying Beyond Energy and Infrastructure
28 March 2023
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Kunal Tyagi
AMG Media Networks, owned by Gautam Adani, has purchased a 49% stake in Quintillion Business Media Pvt Ltd for approximately Rs 48 crore.Â
Quintillion Business Media Pvt Ltd owns and operates Bloomberg Quint, a significant digital business news platform in India.Â
The acquisition is a strategic decision by Adani to broaden its presence in the media sector and expand beyond its main areas of focus, such as energy and infrastructure.
Indian billionaire Gautam Adani's media company, AMG Media Networks, has acquired a 49% stake in Quintillion Business Media Pvt Ltd for approximately Rs 48 crore. The digital business news platform, now called BQ Prime, was curated by Raghav Bahl and runs Bloomberg Quint. The acquisition, which was initially announced in May of last year, was completed on March 27, 2023.
According to a stock exchange filing from Adani Enterprises Ltd, its subsidiary AMG Media Networks Ltd completed the acquisition for Rs 47.84 crore. Adani Group established AMG Media Networks to expand its operations in publishing, advertising, broadcasting, and content distribution through different media networks. In May last year, it signed a shareholders' agreement with Quintillion Media Ltd (QML) and QBML.
In September 2021, Sanjay Pugalia, a seasoned journalist, was appointed to lead Adani Media Ventures, the media arm of the Adani Group. The acquisition of Quintillion Business Media Pvt Ltd is expected to broaden the Adani Group's presence in the media industry.
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Despite seven Adani Group stocks ending lower, including Adani Power and Adani Transmission which experienced a drop of almost 5%, the acquisition of Quintillion Business Media Pvt Ltd could potentially provide a boost to Adani's media ventures.
Adani Group's acquisition of Quintillion Business Media Pvt Ltd through AMG Media Networks is a strategic step towards expanding its presence in the media sector. The purchase has given the Adani Group a considerable stake in Bloomberg Quint, a leading digital business news platform in India. Moreover, it shows the Adani Group's efforts to diversify into new business areas beyond their primary industries of energy and infrastructure.
The acquisition of Bloomberg Quint is expected to provide Adani with a firm foundation in the digital news industry, with the potential for growth and expansion in the future. It remains to be seen how Adani will utilize this acquisition to expand its media ventures and whether it will significantly impact the overall performance of the Adani group in the coming times
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