Adani Group Takes Full Control of Digital Business News Platform BQ Prime

2 Nov 2023 , 02:45 PM

The Adani Group has acquired the remaining 51% stake in Quintillion Business Media Pvt Ltd, taking full control of the digital business news platform, BQ Prime, curated by Raghav Bahl.

Adani Enterprises Ltd, the flagship firm of the Adani conglomerate, revealed in a stock exchange filing that its subsidiary, AMG Media Networks Ltd, executed a share purchase agreement for this acquisition.

The financial details of the transaction were not disclosed, but the acquisition solidifies Adani’s position in the Indian news industry. AMG Media Networks had previously purchased a 49% stake in Quintillion Business Media Ltd (QBML) for Rs 47.84 crore.

QBML, which operates BQ Prime, was formerly known as Bloomberg Quint, a joint venture between Bloomberg Media and Quintillion Media. Bloomberg exited the partnership in March the previous year.

After this acquisition, QBML will become a wholly-owned subsidiary of AMNL (AMG Media Networks). The Adani Group had established AMG Media Networks for its entry into various media-related businesses, including publishing, advertising, broadcasting, and content distribution.

The Adani Group’s move into the media industry has included strategic investments and acquisitions in news and broadcasting. In September 2021, AMG Media Networks appointed veteran journalist Sanjay Pugalia to lead Adani Media Ventures, its media-focused company.

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