In a slew of changes at the Quint Digital Media Limited (The Quint’s parent), Adani Group has entered into a binding term sheet with the digital news company to acquire a minority stake in its indirect subsidiary Quintillion Business Media (QBM). This comes even as Bloomberg Media and Quintillion Media signed a new content licence agreement ending their equity joint venture.
The new agreement with Bloomberg is in line with a restructuring of their partnership in India under Bloomberg Quint, the company said on Tuesday. The two companies will no longer co-produce content but will continue to distribute Bloomberg’s content in India through the licence.
Separately, the proposed transaction with the Adani Group is only for QBM which is a digital business news platform, and not in relation to other digital media/ media tech properties owned by Quint Digital viz. The Quint, Quintype Technologies, thenewsminute and Youthkiawaaz.
QBM is a business and financial news company and operates Bloomberg Quint in India. QBM’s main content is based on the Indian economy, international finance, corporate law & governance and business news, amongst others. It has a subsisting content agreement with Bloomberg Television Production Services India.
Sanjay Pugalia, CEO, Adani Media Ventures Limited said, “Adani Media Ventures intends to lead the path for new age media across different platforms. The adoption of technology and the increased ability of our nation to consume information has dramatically transformed the way media is expected to disseminate authentic information. This is exactly what Adani Media Ventures aims to do. | have had the privilege of working with QBM’s talented, credible and diverse team. This relationship between AMV and QBM marks a strong beginning of Adani Group’s foray into Indian media.”
“We are delighted to welcome the Adani Group as an investor in QBM. Given the proven execution record of the Adani group, their support to fulfill the ambitions of QBM will lay the foundation for accelerating the growth of the business and scale of QBM’s high quality content for the Indian audiences,” Anil Uniyal, CEO, QBM added.
Published on
March 01, 2022
