Quintillion Business Media, a publisher of BQ, with the remaining 51 percent owned by Adani

 Quintillion Business Media, a publisher of BQ, with the remaining 51 percent owned by Adani

“AMG Media Networks Ltd., an offshoot of Adani Enterprises, has executed an agreement to acquire shares for the acquisition of outstanding 51 percent stake in QBML.”

On November 2, in New Delhi, billionaire Gautam Adani's organization paid an undisclosed sum to purchase the remaining 51 percent of Quintillion Business Media Pvt Ltd, therefore gaining complete control over the digital business news portal managed by Raghav Bahl.

AMG Media Networks Ltd, its wholly owned subsidiary of Adani Enterprises Ltd, the flagship company of the ports-to-energy conglomerate, announced in a stock exchange filing that it "has executed an agreement to purchase shares for the purchase by it of remaining 51 percent stake in QBML," the company that runs the digital media platform BQ Prime for business-related and financial news.

AMG Media Networks Ltd, a wholly owned subsidiary of Adani Enterprises Ltd, the flagship company of the ports-to-energy conglomerate, announced in a stock exchange filing that it "has executed a purchase agreement for shares for the acquisition of remained 51 percent stake in QBML," the company that runs the digital media platform BQ Prime for business and financial news.

However, it omitted to provide the transaction's financial specifics. Before acquiring around a 65% share in broadcaster NDTV in December of last year, Adani made its first wager on the Indian news market with Quintillion.

Quintillion Business Media Ltd (QBML) was previously acquired by AMG Media for Rs 47.84 crore, representing a 49 percent interest. Formerly known as Bloomberg Quint, BQ Prime was a joint venture between Bahl's Quintillion Media and US-based financial news service Bloomberg Media. In March of last year, Bloomberg ended that arrangement.

"The SPA records the terms of the arrangement and inter-se rights and obligations as well as additional connected matters in respect of the acquiring of remaining 51 percent of the voting rights of QBML by AMNL from Quintillion Media Ltd (QML)," added Adani.

It further said that after the transaction, QBML would become an entirely-owned subsidiary of AMNL. AMG Media Networks was established by Adani Group as part of their venture into the publishing, advertising, broadcasting, and distribution of content across various media networks.

For the purchase of QBML, AMG Media and Quintillion Media Ltd. (QML) signed a shareholders' agreement in May 2022. Veteran journalist Sanjay Pugalia was chosen by AMG Media Networks to head Adani Media Ventures, the company's media-focused business, in September 2021.