Adani Group Secures Complete Ownership of BQ Prime, a Digital Business News Platform
- ByStartupStory | November 4, 2023
The Adani Group, led by billionaire Gautam Adani, has taken full control of Quintillion Business Media Pvt Ltd by acquiring the remaining 51 per cent stake in the digital business news platform. The financial details of the transaction were not disclosed.
Adani Enterprises Ltd, the flagship firm of the conglomerate, revealed in a stock exchange filing that its subsidiary, AMG Media Networks Ltd, “has executed a share purchase agreement for the acquisition of the remaining 51 per cent stake in QBML,” the company responsible for operating the business and financial news digital media platform BQ Prime.
Quintillion was Adani’s initial foray into the Indian news industry before acquiring about 65 per cent of the broadcaster NDTV in December of the previous year.
Previously, AMG Media had acquired a 49 per cent stake in Quintillion Business Media Ltd (QBML) for Rs 47.84 crore.
BQ Prime was formerly known as Bloomberg Quint, a joint venture between the US-based financial news agency Bloomberg Media and Raghav Bahl’s Quintillion Media. Bloomberg terminated its involvement in that agreement in March of the preceding year.
“The SPA records the terms of the agreement and inter-se rights and obligations and other connected matters in respect of the acquisition of the remaining 51 per cent equity shares of QBML by AMNL from Quintillion Media Ltd (QML),” Adani stated.
Following the acquisition, QBML will become a wholly-owned subsidiary of AMNL.
The Adani Group established AMG Media Networks to enter the businesses of ‘publishing, advertising, broadcasting, distribution of content over different types of media networks’.
In May 2022, AMG Media entered into a shareholders’ agreement with Quintillion Media Ltd (QML) for the acquisition of QBML.
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In September 2021, AMG Media Networks appointed veteran journalist Sanjay Pugalia to lead Adani Media Ventures, its media-focused company.
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