Quint Digital Media hits the roof after Adani Ent acquires 49% stake in subsidiary

16 May 2022 , 09:59 AM

On March 1, Quint Digital Media had announced the signing of a binding term sheet with the Adani Group for divesting minority stake in its digital business news venture (QBM). Consequently, on 13 May 2022, Quint Digital Media and its material subsidiaries viz. Quintillion Media and Quintillion Business Media signed definite agreements with AMG Media Networks, a wholly owned subsidiary of Adani Enterprises, to conclude the divestment of 49% stake in Quintillion Business Media. Quintillion Business Media, an indirect subsidiary of Quint Digital, owns and operates an exclusive business and financial news digital media platform viz. www.bqprime.com (formerly known as www.bloombergquint.com). The transaction is subject to customary closing conditions and requisite approvals. Quint Digital is a digital media company and a digital-first news operator. It operates The Quint platform, which disseminate news, opinions, and current affairs content on India and the world covering multiple categories such as governance, politics, economy, business, entertainment, sports, technology, education, lifestyle, health and fitness, gender issues, and more. Net profit of Quint Digital Media surged 516.67% to Rs 1.11 crore on 48.48% rise in net sales to Rs 9.25 crore in Q3 December 2021 over Q3 December 2020. Powered by Capital Market – Live News