Insight Bureau: AMG Media Networks Limited, a newly set up fully-owned subsidiary of Adani Enterprises, will acquire a 49 percent stake in Raghav Behl’s online business news site– Quintillion Business Media.
With reference to the captioned subject, we would like to inform you that, AMG Media Networks Limited (“AMG Media”), a wholly-owned subsidiary of the Company has signed (i) Shareholders’ Agreement with Quintillion Media Limited (“QML”) and Quintillion Business Media Limited (“QBML”) and (ii) 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.
On March 1, 2022, Adani Enterprises inked a Memorandum of Understanding with Quint and announced its entry into the media business by picking up an undisclosed minority stake in QBML. The conglomerate was working fingers to the bones in the past few months to get an entry into the media space. It onboarded veteran journalist–the former editor-in-chief of CNBC Awaaz and the President at Quint Digital Media–Sanjay Puglia, to head Adani Media Ventures.
On his appointment, Adani Group said: “We look forward to leveraging Sanjay’s wide-ranging experience in media, communications, and branding across the Adani Group’s diverse range of businesses and in our Nation Building initiatives.”
