Adani Group to buy remaining 51 pc stake in business news platform BQ Prime

Billionaire Gautam Adani’s group will acquire the remaining 51per cent stake in Quintillion Business Media Pvt Ltd, the firm that runs business and financial news digital media platform BQ Prime.

BQ Prime was earlier known as Bloomberg Quint, a former joint venture between US-based financial news agency Bloomberg Media and Raghav Bahl’s Quintillion Media. Last year, Bloomberg exited the agreement in March.

Adani Enterprises Ltd, the ports-to-energy conglomerate’s flagship firm, in a stock exchange filing, said the board of its subsidiary AMG Media Networks Ltd “has approved to enter into a binding memorandum of undertaking (MoU) with Quintillion Media Ltd for the acquisition of remaining 51% stake” in the firm.

AMG Media had previously bought a 49 per cent stake in Bahl’s Quintillion Media for Rs 47.84 crore. Post this development, QBML will become a wholly-owned subsidiary of AMNL.

In September 2021, Adani’s AMG Media Networks appointed veteran journalist Sanjay Pugalia to lead the company.

Later in May 2022, AMG Media Networks entered into a shareholders’ agreement with Quintillion Media Ltd for the acquisition of QBML.

In December last year, Adani also acquired about 65 per cent stake in broadcaster NDTV.

AMG Media Networks was set up by Adani Group for its foray into businesses of publishing, advertising, broadcasting, distribution of content over different types of media networks.