Digital media group Quint Digital Media Ltd has entered into a binding term sheet with the Adani Group which will acquire a minority stake in Quintillion Business Media Pvt Ltd, an indirect subsidiary of Quint Digital.
The proposed transaction with the Adani Group is only for QBM, a digital business news platform and not in relation to other digital media or media tech properties owned by Quint Digital such as The Quint, Quintype Technologies, The News Minute and Youthkiawaaz, the two companies said in a statement.
“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 relationship between AMV and QBM marks a strong beginning of Adani Group’s foray into Indian media,” Sanjay Pugalia, chief executive officer, Adani Media Ventures Ltd said in a statement.
Last September, Pugalia, a veteran journalist, had stepped down as president of Quint Digital Media Ltd and been appointed by Adani Enterprises as chief executive officer and editor-in-chief to lead the Group’s media related initiatives.
QBM is a business and financial news company whose main content is based on the Indian economy, international finance, corporate law and governance and business news, amongst others.
“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, chief executive officer, QBM said in a statement.
The closure of the transaction with the Adani Group is subject to customary due diligence and definitive documents.
Earlier in the day, Quintillion Media announced that it had ended its equity joint venture with Bloomberg Media in favour of a new content license agreement.
Bloomberg Media and Quintillion Media will no longer co-produce content but will continue to distribute Bloomberg content in India through a license agreement, the two said in a statement.
In 2017, the two media organizations launched BloombergQuint—a website focusing on Indian business and financial news. The site combined Bloomberg’s global leadership in business and financial news and data, with Quintillion Media’s expertise in the Indian market and digital news delivery, to provide business news, insights and trends for India’s audiences.