Billionaire Adani Group has announced the purchase of the remaining 51 percent stake in BQ-publisher Quintillion Business Media. This will allow them to take full control of the Radhav Bahl-curated business news platform.
Adani Enterprises Ltd, the ports-to-energy flagship firm, has said in a press release that 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 platform BQ Prime.
BQ Prime was earlier known as Bloomberg Quint and was a joint venture between Bahl’s Quintillion Media and the financial news agency Bloomberg Media. However, Bloomberg exited the agreement in March last year.
Adani Group has already set up AMG Media Networks in order to foray into the industry of “publishing, advertising, broadcasting, distribution of content over different types of media networks”. Now, Quintillion Business Media will ecome a wholly-owned subsidiary of AMNL after the acquisition.
However, the financial details and amount of this momentous transaction have not yet been disclosed.