Gautam Adani’s conglomerate has entered the media industry, buying an unknown minority investment in Raghav Bahl’s digital business news site, Quintillion Business Media Pvt Ltd, for an undisclosed sum. Quintillion Business Media Pvt Ltd (QBM), an indirect subsidiary of Quint Digital, has signed a binding term sheet with Adani Group to acquire a minority investment in Quintillion Business Media Pvt Ltd (QBM), the companies said in a statement.
Pugalia was previously chairman of Quint Digital Media, the parent company of QBM. Bloomberg Media, in a separate statement, said it was ending its joint venture with India’s QBM, which together ran business news website BloombergQuint. The companies did not disclose which stake Adani purchased. It was unclear whether Adani had taken over Bloomberg’s stake. Adani’s latest move will once again pit him against India’s wealthiest Reliance Group Mukesh Ambani, owner of Network18 which runs several TV news channels and online platforms.
QBM is a business and financial news company and operates a leading digital business news platform, BloombergQuint. US-based Bloomberg Media left the company just as Adani entered. “The proposed transaction with Adani Group relates solely to QBM, which is a digital business information platform and not in relation to any other digital media/media technology properties owned by Quint Digital, viz. The Quint, Quintype Technologies, thenewsminute and Youthkiawaaz,” he said. The port-energy conglomerate headed by India’s second-richest man has been planning to enter the media space for a few months. In September of the last year, he hired veteran journalist Sanjay Pugalia to run his media company, Adani Media Ventures.
The two groups have announced competing forays into new energies, including hydrogen. After leaving Quint, Pugalia was appointed Managing Director and Editor-in-Chief to lead Adani Group’s media-related initiatives. “Adani Media Ventures intends to pave the way for new age media across different platforms. The adoption of technology and our country’s increased ability to consume information has radically transformed the way media is supposed to spread authentic information. This is exactly what Adani Media Ventures (AMV) is aiming for,” Pugalia, CEO of Adani Media Ventures Ltd, said in the statement.
Summary of news:
- Adani enters the media industry by buying a minority position in Quintillion Business Media
- Check out all the news and articles from the latest business news updates.
