Gautam Adani’s AGM Media Networks is now 49% stakeholder of the Raghav Bahl’ Quintillion Business Media Pvt Ltd. The Adani firm bought the digital business news platform for Rs 48 crore. Originally announced in May 2022, the acquisition of Quintillion was completed by the subsidiary of Adani Enterprises Ltd. Per the regulatory filing of the transaction was completed on March 27, 2023.
Billionaire #GautamAdani‘s AMG Media Networks has acquired about a 49 per cent stake in #RaghavBahl-curated digital business news platform Quintillion Business Media Pvt Ltd for about ₹48 crore.https://t.co/kIpj65lVRw
— Mint (@livemint) March 28, 2023
Quintillion Business Media runs Bloomberg Quint, which has been rechristened as BQ Prime. Adani’s AGM Media Network also bought a majority stake in Radhika Roy and Prannoy Roy founded NDTV. After acquiring an additional stake of 27.26% from the exiting founders, Adani is set to control about 65% of the NDTV. Adani’s NDTV acquisition was preceded by the media house being hounded by many litigations. The media house had been a very vocal critic of the regime. Prior to the acquisition, Ravish Kumar excited the venture. Following the acquisition several others followed suit.
Quintillion has a similar story of external pressure and litigation followed by Adani’s bid to seize control of the media venture. The opposition has slammed the Adani move as politically motivated. Critics accuse that whenever a firm or establishment is raided, it is bought by Adani. Here are a handful of reactions from Twitter.
Let’s say it again and again until all 140 crore Indians acknowledge this :~
1> “The Quint” was raided, then Adani bought “The Quint”.
2> NDTV was raided then Adani bought NDTV.
3> Krishnapatnam port office raided, then Adani bought this port.
#Quints gets raided, then #Adani buy it,#NDTV gets raided, then #Adani takes it, #GVK gets raided, then #Adani gets airports,#Navyoga gets raided, then #Adani acquires Krishnapatnam port, #Ambuja, #acc gets raided, then #Adani buys it pic.twitter.com/wx3YjuqzME
— YSR (@ysathishreddy) March 28, 2023
Let’s say it again and again till all 140 crore Indians acknowledge this:
The Quint was raided, then Adani bought the Quint. https://t.co/Mba8NRD0gq
— Rani Padma (@RaniPadmaK) March 27, 2023
So, is there another pliable medium in the making, or will Adani release a similar statement to the one she gave during the NDTV acquisition? The state of affairs in the majority of media is anyway beyond redemption, even as a handful have transformed into Radio Rwanda.
See Also: All The Adani Hindenburg Buzz
See Also: Mukesh Ambani Overtakes Gautam Adani In The Hurun Global Rich List; Only Indians Among Top 10 Billionaires
