Adani Enterprises arm, AMG Media Networks Limited, has signed a agreement to acquire 49% stake in Quintillion Business Media Ltd (QBML). This includes share purchase agreements with QBML, Quintillion Media Limited (QML) and Quint Digital Media Limited (QDML).
In March this year, Adani Group announced that it would acquire a minority stake QBM, which is an indirect subsidiary of Quint Digital.
Adani Media Ventures CEO Sanjay Puglia said that the Adani group wants to show the way to ‘new-age’ media groups.
Puglia, who was previously the president of Quint Digital Media, said that he has already worked with this team. Also told that the main content of QBM is based on news related to Indian economy, international finance, corporate law and administrative as well as business news. The news is published through the Bloomberg-Quint platform and also has an agreement with Bloomberg Television Production Services India Pvt Ltd.
On the other hand, QBM CEO Anil Uniyal said that this agreement will prove to be useful for high-quality content for the Indian audience.
Meanwhile, Bloomberg and The Quint have also decided to terminate their equity agreement and enter into a new license agreement. Both have given a new look to their partnership. Bloomberg said its partnership with The Quint will continue in India.
Quintillion Media Private Limited operates as a digital journalism and media company. The company provides political news, cricket, business, and other related digital contents in form of video, audio, and text. Quintillion Media serves customers worldwide.
AMG Media Networks Ltd., a wholly-owned subsidiary of Adani Enterprises, was set up in 2022. The new company carries out media related activities, including publishing, advertising, broadcasting, distributing and so on, of content over different types of media networks.