Quint Digital to acquire Quintillion Media and 47.9% stake in Spunklane Media
Quint Digital Media Limited, an Indian digital media company, has agreed to acquire a 100% stake in Quintillion Media Private Limited (QMPL) and a stake of 47.92% in Spunklane Media Private Limited (SMP) for a combined price of INR 24.5 crores.
The consideration will be made by Quint Digital Media on a deferred basis with 5% on closing and the remaining 95% within a period of 12 months from the date of closing.
The acquisition of Quintillion Media Private Limited includes Quintillion Business Media (QBM) — an Indian business and financial news company, a 50.41% stake in Quintype Technologies India — a SaaS platform provider to digital media publishers, and a 34.6% in YKA Media — which runs the ‘youth ki awaaz’ media platform for young changemakers.
On the other hand, Spunklane Media operates a digital news platform — ‘the news minute’.
Ritu Kapur — Co-Promoter and CEO of Quint Digital Media 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.”
The deals are subject to customary closing conditions and approvals.