Adani picks total stake in QBML
AMG Media Networks acquires 51% stake in Quintillion Business Media
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New Delhi: Billionaire Gautam Adani’s group has acquired the remaining 51 per cent stake in Quintillion Business Media Pvt Ltd (QBML) to take full control of the Raghav Bahl-curated digital business news platform for an undisclosed amount.
Adani Enterprises Ltd, the ports-to-energy conglomerate’s flagship firm, in a stock exchange filing, said its subsidiary AMG Media Networks Ltd has executed a share purchase agreement for the acquisition of remaining 51 per cent stake in QBML, the firm which operates the business and financial news digital media platform BQ Prime. It, however, did not disclose the financial details of the transaction. Quintillion was Adani’s first bet in the Indian news industry before taking about 65 per cent stake in broadcaster NDTV in December last year.
AMG Media had previously bought a 49 per cent stake in Quintillion Business Media Ltd (QBML) for Rs47.84 crore. BQ Prime was earlier known as Bloomberg Quint, a former joint venture between US-based financial news agency Bloomberg Media and Bahl’s Quintillion Media.
