Around September 2021,
there were rumours that Adani will acquire an old Delhi-based media channel. People speculated it to be NDTV. Amidst this rumour, NDTV’s share price hit the upper circuit, a 10% growth. The unsubstantiated rumours helped NDTV shareholders some profit in the market.
NDTV had performed well in the stock market before Sept 2021. Although, there was an exponential growth post-Sept 2021 with the per-share price increasing from 79.9 to 374.70, a growth of 370%.
In April 2022,
Adani Group registered a company with the name AMG Media Networks Limited to foray into the Media industry. Veteran journalist Sanjay Pugalia was appointed as the CEO and editor-in-chief of the newly formed media company.
As per the company statement, the company will “carry on the business of media-related activities, including publishing, advertising, broadcasting, distributing etc. of content over different types of media networks”.
In May 2022,
AMG Media bought 49% stakes in the digital business news platform Quintillion Business Media. The Company signed Shareholders’ Agreement with Quintillion Media Limited (“QML”) and Quintillion Business Media Limited (QBML) and Share Purchase Agreement with QML QBML and Quint Digital Media Limited (“QDML) on 13th May 2022 in connection with its proposed acquisition of 49% stake in QBML.
In May 2022,
Gautam Adani, chairman of Adani Group, made a statement that is scouting for assets to acquire in the media industry. The Adani group has ambitious plans to expand in the media industry.
On 23rd August 2022,
AMG Media Networks Ltd. acquires VCPL(Vishvapradhan Commercial Private Limited). And, on the same day i.e. 23rd August 2022, the company acquired NDTV through a ‘right to loan’ agreement with VCPL. As NDTV had ‘extraordinary terms’ for their 2010 loan with VCPL, the 29.18% of the stakes which RRPR owned of NDTV got transferred to AMG Media in an indirect acquisition.
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