Digital media group Quint Digital Media Limited has entered into a binding term sheet agreement with the Adani Group on Tuesday. As part of the term sheet, Adani Group will acquire a minority stake in Quintillion Business Media Private Limited. 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 such as The Quint, Quintype Technologies, thenewsminute and Youthkiawaaz, Quint Digital stated in a stock exchange filing.
“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. I 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,” Sanjay Pugalia, CEO, Adani Media Ventures Limited, said.
QBM is a business and financial news company which operates business news digital platform Bloomberg | Quint.
Interestingly, Bloomberg Media and Quintillion Media on Tuesday also announced the restructuring of their partnership in India. The companies have ended their equity joint venture in favor 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. “Our joint venture with Bloomberg Media was the embodiment of resilient energy. Our digital-only premium subscription product has quickly become the market leader. Even as our terms of engagement with Bloomberg Media have changed, we look forward to imparting a new energy and spirit to the new website,” Raghav Bahl, co-founder, Quintillion Media, highlighted.
Read Also: Coca-Cola launches a campaign for its new variant Coca-Cola Zero Sugar