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Gautam Adani’s AMG Media acquires 49% in Quintillion Business Media : Reports
The acquisition was for Rs 48 crore, according to a stock exchange filing by Adani Enterprises.
As per the media reports, Gautam Adani-led AMG Media Networks has acquired 49 percent stake in Quintillion Business Media, a digital business news portal run by Raghav Bahl. Adani Enterprises disclosed the purchase price in a stock exchange filing as Rs 48 crore. The acquisition was first disclosed in May last year.
On May 13, 2022, the parties signed a sale agreement, and on March 27, 2023, the transaction was finalised. According to the statement, the transaction cost Rs. 47.84 crore.
The news website Bloomberg Quint, now known as BQ Prime, is operated by Quintillion Business Media. Adani group had set up AMG Media Networks for its foray into businesses of "publishing, advertising, broadcasting, distribution of content over different types of media networks".
Adani Enterprises announced on March 1, 2022, that it had signed a Memorandum of Understanding with Quint and was entering the media industry by acquiring an unspecified minority stake in QBML.