Quint Digital Media Limited, a digital media company, has entered into a conclusive terms and conditions agreement with the Adani Group. The ports-energy conglomerate will acquire a minority stake in Quintillion Business Media Pvt Ltd as part of the term sheet.
Quint Digital has confirmed in a filing that the proposed deal with Adani Group relates only to QBM, a digital business information platform, and has nothing to do with other digital media/technology properties. multimedia companies owned by Quint Digital such as The Quint, The New Minute, Quintype Technologies and Youthkiawaaz.
The deal is subject to standard due diligence and execution of definitive agreements, and effective immediately, Quint Digital has entered into a memorandum of understanding with Adani Properties for the planned sale of a minority stake in QBM held by Quintillion Media (significant subsidiary).
Sanjay Pugalia, CEO of Adani Media Ventures, said in a statement: “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 the media is supposed to deliver authentic information. This is exactly what Adani Media Ventures is aiming for. In September last year, Pugalia resigned as chairman of Quint Digital Media to join Adani Media Ventures as managing director and editor to oversee the group’s media-related operations.
For starters, QBM is an Indian business and finance media outlet that also provides a digital business news platform. Through its Bloomberg platform | Quint, QBM’s main content focuses on Indian economy, corporate law and governance, international finance and business news, among others. Television Production Services Bloomberg India Pvt. ltd. has a content agreement in place.
Quint said in a separate filing to the exchanges that Bloomberg Media and Quintillion Media would restructure their deal in India, dissolving their joint venture in favor of a new content licensing partnership. Quintillion Media and Bloomberg Media launched a 74:26 joint venture in April 2016 to launch a business news channel and web portal under the BloombergQuint name. This is Bloomberg’s first investment in a partnership anywhere.
Anil Uniyal, CEO of Quintillion Media, said: “We are delighted to welcome Adani Group as an investor in QBM. Given Adani Group’s proven track record of execution, their support in realizing QBM’s ambitions will lay the foundation for accelerating business growth and scaling QBM’s high-quality content to Indian audiences. .
