Adani Moves To Acquire Remaining 51% Share In BQ Prime Operator Quintillion Business Media

Adani Enterprises' subsidiary AMG Media earlier bought a 49 per cent stake in QBML for about Rs 47.84 crore around March last year.

Adani Enterprises, the flagship firm of the Adani Group, announced on Monday that it will be acquiring the remaining 51 per cent stake in Quintillion Business Media Pvt. Ltd. The Gautam Adani-led company stated in a regulatory filing that it will be assuming full control of the Raghav Bahl-curated digital business news company.

According to a PTI report, the Adani Enterprises informed through the filing that it’s wholly owned subsidiary AMG Media Networks Ltd (AMNL) has approved the acquisition. The company stated in its filing that the board of AMNL has “approved (the company) to enter into binding Memorandum of Undertaking (“MoU”) with Quintillion Media Limited (“QML”) for the acquisition of remaining 51% stake in QBML”. In May 2022, AMG Media and QML entered into a shareholders agreement for the acquisition of QMBL.

Once the acquisition is complete, QBML will become a wholly-owned subsidiary of the AMG group. QML operates the business and financial news digital media platform BQ Prime.BQ Prime was formerly known as Bloomberg Quint, a joint venture between Bloomberg Media and Quintillion Media. Bloomberg Media is a US-based financial news agency and Quintillion Media was led by Raghav Bahl. 

AMG Media earlier bought a 49 per cent stake in QBML for about Rs 47.84 crore around March last year, the report stated. Bloomberg separated from the deal with Quintillion Media in March last year and post-acquisition by AMNL, Quintillion Business Media Ltd became a wholly owned subsidiary of the Adani Group subsidiary AMNL. 

This marked Adani’s entry into the Indian news industry. This was followed by Adani acquiring a 65 per cent share in news broadcaster NDTV last year in December. 

Adani Group stated AMG Media Networks was set up to help it venture into publishing, advertising, broadcasting, and content distribution businesses over various types of media networks. AMG Media chose veteran journalist Sanjay Pugalia to head the Adani Media Ventures in September 2021.