Adani Group takes over BQ-publisher, buys remaining 51 percent stake

Adani Group led by billionaire businessman Gautam Adani has bought the remaining 51 percent stake in Quintillion Business Media Pvt Ltd. After purchasing this stake, Adani Group has now completely taken over Quintillion Business Media Private Limited.

Adani Enterprises Ltd said in a stock exchange filing that its subsidiary AMG Media Networks Ltd has entered into a share purchase agreement to acquire the remaining 51 percent stake in QBML. Let us tell you that BQ Prime operates the business and financial news digital media platform.

However, the company has not yet disclosed the financial details of the transaction.

Last year, Adani Group bought about 65 percent stake in broadcaster NDTV in December. Earlier the company had purchased the stake of Quintillion Business Media Private Limited. AMG Media had earlier bought a 49 percent stake in Quintillion Business Media Limited (QBML) for Rs 47.84 crore.

BQ Prime was formerly known as Bloomberg Quint. It was a former joint venture between US-based financial news agency Bloomberg Media and Bahl's Quintillion Media. Bloomberg pulled out of the deal in March last year.

Adani said the SPA records the terms of the agreement and the mutual rights and obligations in respect of the acquisition of the remaining 51 percent equity shares of QBML by AMNL from Quintilian Media Limited (QML) and other connected matters. Following this acquisition, QBML will become a wholly-owned subsidiary of AMNL.

Adani Group had established AMG Media Networks to foray into publications, advertising, broadcasting, and multiple types of media networks. Meanwhile, in September 2021, AMG Media Networks appointed veteran journalist Sanjay Puglia to lead its media-focused company Adani Media Ventures. Last year, in May 2022, AMG Media entered into an agreement with Quintillion Media Limited (QML) to acquire QBML.

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