AMG Media Networks to acquire 49 per cent stake in QBM

AMG Media Networks to acquire 49 per cent stake in QBM

AMG Media Networks is the media arm of Adani Enterprises.

AMG Media Networks

Mumbai: AMG Media Networks Ltd, a part of Adani Enterprises Ltd, has signed definitive agreements with Quintillion Media Ltd and Quintillion Business Media Ltd to acquire 49 per cent stake in Quintillion Business Media (QBM). Quintillion Business Media owns and operates an exclusive business and financial news digital media platform.

AMG Media Networks Ltd is the media arm of Adani Enterprises that carries on business of media related activities including publishing, advertising, broadcasting, distributing of content over different types of media networks. The company is expected to commence its business operations soon and is helmed by Sanjay Pugalia as CEO and editor-in-chief of media initiatives. Pugalia is a veteran journalist who has worked with The Quint, CNBC Awaaz, Zee News, Aaj Tak, Business Standard, NBT and Star News. 

As per Registrar of Companies (ROC), AMG Media Networks has three directors including Adani Enterprises director Pranav Vinod Adani, Adani Enterprises chief technology officer Sudipta Bhattacharya and Sanjay Pugalia.

In March, QBM - an indirect subsidiary of Quint Digital - announced that Adani Group would acquire a minority stake in the company. QBM owns and operates the digital platform BloombergQuint now renamed as ‘BQPrime’ that covers business and financial news in India.