afaqs! news bureau

Adani Group to buy minority stake in Quintillion Business Media

Bloomberg and Quintillion will no longer co-produce content but will continue to distribute Bloomberg content in India through a license agreement.

Quint Digital Media via its wholly owned subsidiary has entered into a binding term sheet with the Adani Group.

Adani Group will buy a minority stake in Quintillion Business Media Private Limited (QBM), an indirect subsidiary of Quint Digital.

The proposed transaction with the Adani Group is only for QBM which is a digital business news platform and not in relation to other digital media/ media tech properties owned by Quint Digital like The Quint, Quintype Technologies, thenewsminute and Youthkiawaaz.

“Adani Media Ventures intends to lead the path for new age media across different platforms. The adoption of technology and the increased ability of our nation to consume information has dramatically transformed the way media is expected to disseminate authentic information. This is exactly what Adani Media Ventures aims to do. I have had the privilege of working with QBM’s talented, credible and diverse team. This relationship between AMV and QBM marks a strong beginning of Adani Group’s foray into Indian media” stated Sanjay Pugalia, CEO, Adani Media Ventures.

QBM is a business and financial news company and operates a leading business news digital platform in India. QBM’s main content is based on the Indian economy, international finance, corporate law & governance and business news, amongst others through its platform Bloomberg | Quint. It has a subsisting content agreement with Bloomberg Television Production Services India Private Limited.

“We are delighted to welcome the Adani Group as an investor in QBM. Given the proven execution record of the Adani group, their support to fulfill the ambitions of QBM will lay the foundation for accelerating the growth of the business and scale of QBM’s high quality content for the Indian audiences” stated Anil Uniyal, CEO, QBM.

The closure of the transaction with the Adani Group is subject inter-alia to customary due diligence and definitive documents.

Bloomberg Media and Quintillion Media have also announced the restructuring of their partnership in India. The companies have ended their equity joint venture in favor of a new content license agreement.

Launched in 2017, the site combined Bloomberg’s global leadership in business and financial news and data, with Quintillion Media’s expertise in the Indian market and digital news delivery, to provide business news, insights and trends for India’s audiences.

“We have valued our relationship with the Quintillion Media team. While we have mutually decided to shift the focus of our work together, Bloomberg Media remains committed to our presence in India and look forward to a continued relationship with Quint,” said, M. Scott Havens, CEO, Bloomberg Media in a statement.

Raghav Bahl, co-founder, Quintillion Media, added, “Our joint venture with Bloomberg Media was the embodiment of resilient energy. Our digital-only premium subscription product has quickly become the market leader. Even as our terms of engagement with Bloomberg Media have changed, we look forward to imparting a new energy and spirit to the new website."

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