Adani Media, owned by billionaire Gautam Adani, one of Asia’s leading billionaires, has picked up an unspecified minority stake in digital business news platform Quintillion Business Media Pvt Ltd for an undisclosed amount.
The companies said in a statement that the Adani Group has entered into a binding term sheet agreement with BSE-listed Quint Digital Media Ltd for taking a reduced stake in Quintillion Business Media Pvt Ltd.
Quintillion Media Pvt Ltd. Is an information technology and services company based in Noida.
“This business transaction with Adani Group is for QBM only. Not for other subsidiaries owned by QBM” the company said in a statement.
The port-to-energy conglomerate run by India’s second-richest billionaire has been eyeing a media entry for the past few months. In September last year, it hired Sanjay Puglia, a veteran journalist in his field, to head its Adani Media Ventures.
US-based Bloomberg Media quit the venture as soon as Adani Media Group acquired a minority stake in QBM Pvt Ltd.In her separate statement, Bloomberg Media said it was ending its equity joint venture in India.Bloomberg Media, along with QBM, ran BloombergQuint, a daily digital news website.
“We are extremely pleased to welcome the Adani Group as an investor in QBM. Given the Adani Group’s excellent track record, their support to accelerate business growth and QBM’s high standards to deliver on QBM’s ambitions is the key. Will lay the foundation for scale,” said Anil Uniyal, chief executive officer, QBM.
After leaving The QBM, Puglia was named as a chief executive officer and editor-in-chief to lead the Adani Group’s media. Sanjay Puglia was previously the president of Quint Digital Media, the parent company of QBM.
“This stake will augur well for the Adani Group and QBM in the future and will also mark Adani Media’s great foray into Indian media.” said Sanjay CEO of Adani media Ventures Ltd.
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