Gautam Adani Eyes Media Industry Now: Acquires 49% Stake In Quint To Get A Strong Start; What Next?
Recently, 49% stakes stakes in Quintillion Business Media Pvt Ltd. were acquired by Gautam Adani’s Adani Group and the details of the shareholders’ agreement were made public by the Adani group through a document on 13th May 2022.
49% Stakes in Quint Acquired By Adani Group
A subsidiary of the Adani group, AMG Media Networks Limited has acquired 49 percent stakes in Quintillion Media Limited, Quintillion Business Media Limited, and Quint Digital Media Limited.
“We would like to inform you that, AMG MediaNetworks Limited (AMG Media), a wholly-owned subsidiary of the Company has signed Shareholders’ Agreement with Quintillion Media Limited (“QML”) and Quintillion Business Media Limited (QBML) and Share Purchase Agreement with QML QBML and Quint Digital Media Limited (“QDML) dated 13th May 2022 in connection with its proposed acquisition of 49% stake in QBML” says the document.
Both the portals, English as well as Hindi, of the Quint are owned by Quint Digital Media Limited. Though its platform Bloomberg Quint various topics like Indian economy, international finance, corporate law & governance, and business news, amongst others are covered by QBM, which is a business and financial news company.
A 100% stake in Quintillion Business Media was announced by Quint Digital in November 2021.
Adani group on 1st March 2022 had announced that it will acquire a minor stake in QBM.
After exiting from Network18, Quint was founded by Raghav Bahl and Ritu Kapur in 2015.
Network 18 & Quint Bring Ambani & Adani To Media Business
What is interesting, is to note that Raghav Bahl can be credited for entry of two major India business tycoons in the media.
Notably, In 2014, Mukesh Ambani led Reliance Industries had acquired Network18, when Raghav Bahl was the Managing director of the company. Therefore, Bahl brought both Ambani and Adani in the media sector in India.