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Quint Digital announces acquisition of 100% stake in Quintillion Media and 47.92% stake in Spunklane Media

Quint Digital announces acquisition of 100% stake in Quintillion Media and 47.92% stake in Spunklane Media 1

Quint Digital Media Limited (QUINT, BSE 539515), India’s leading digital media company and only new-age digital-first news/ information operator listed on an Indian stock exchange, has entered into definitive agreements to acquire a) 100% ownership of Quintillion Media Private Limited (“QMPL“) and b) 47.92% stake in Spunklane Media Private Limited. 

The said stakes will be acquired for a total consideration of Rs 24.5 Crores , subject to necessary closing adjustments.  The consideration will be discharged by Quint Digital on a deferred basis, 5% on closing and balance 95% within a period of 12 months from closing.

The acquisition of 100% of Quintillion Media Private Limited includes underlying stakes in the following digital media and technology properties:

Quintillion Business Media Private Limited (“QBM”): QBM is an Indian business and financial news company and operates a leading business news digital platform in India.  Its main content is based on the Indian economy, international finance, corporate law & governance and business news.  As a part of the acquisition, Quint Digital will acquire 100% stake in QBM along with an amended Program Services and Content Sharing Agreement with Bloomberg Television Production Services India Private Limited which inter-alia has extended the tenure of the partnership by 10 years.

Anil Uniyal is the Chief Executive officer and Menaka Doshi is the Managing Editor at QBM.

Quintype Technologies India Private Limited (“QTIPL”): QTIPL is a Bengaluru head quartered company and is engaged in providing Software-As-A-Service (SaaS) platform to digital media publishers.  QTIPL was set up in 2015, and it provides digital publishers with state-of-the-art content and subscription management systems.  Quint Digital will acquire 50.41% stake in QTIPL.  In September 2020, QTIPL had raised INR 25 Crores from IIFL AMC, part of IIFL Wealth Management in Series A Funding.

Chirdeep Shetty is the Chief Executive officer at QTIPL.

Speaking on this transaction, Ms. Ritu Kapur, Co-Promoter & Chief Executive Officer, Quint Digital, said “the proposed acquisition of stakes in QBM, SMP and YKA will give Quint Digital the double edge advantage of synergising across news platforms as well as diversifying across demographics and geographies, bringing a larger community of readers/viewers into our fold.  QBM’s acquisition will add the most valuable learnings in running a successful premium subscription platform as the world gets ready for a rapid growth of reader revenues.  The expansion of audiences across various websites and new-age social media platforms, makes us way and away the largest pure-play digital news/information group in the country.  It will close to double our group revenue base, giving us size and clout in the new digital media space. 

Additionally, QTIPL brings to us cutting edge capabilities in “media tech”, which is a critical strength in today’s burgeoning growth in digital content.”

Mr. Raghav Bahl and Ms. Ritu Kapur are also committed to providing the necessary growth capital to Quint Digital, if required, to finance this acquisition and other growth plans, in accordance with the applicable regulatory framework.

The transaction has been approved by the Board of Directors and is subject to customary closing conditions and approvals.  The proposed acquisition is a related party transaction and is subject to approval of the shareholders in accordance with the applicable provisions of the Companies Act, 2013, SEBI Listing Regulations etc. 

About The Quint

The Quint is driven by the truth and the readers who seek it. What makes us different from most legacy media is that we consistently challenge the status quo — through in-depth, visually powerful, community-driven stories, features, and interactive multimedia formats.

Our team is a collective of reporters, storytellers, editors, producers, designers, and analysts, who have cut their teeth on the best news teams in the country. At the helm, we have some of the best minds in the industry who have honed their craft for years in the media and today, lead a fearless newsroom into 21st-century, cutting-edge journalism.

As a newsroom, we seek to be as diverse as possible, with a special focus on gender — such that our news represents the issues and voice of all sections of society. We are participative in our approach to newsgathering – with a robust citizen journalism vertical, My Report – and we partner with our readers in our hunt for fake news, through our WebQoof vertical. Our reporters fan out into deep interiors of the country for ground reports — finding stories that often get drowned out in prime-time debates. We have eminent authors writing for our Opinion section and we aim to bring as much diversity to the voices on our site as possible.

The Quint makes sense of the systematic chaos that is the world today and brings you the story however you want – on your phone, through videos, op-eds, infographics, animations, and documentaries.

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