The Adani-owned AMG Media Networks Ltd has increased its stake in news agency IANS to 76 percent after subscribing to fresh shares worth Rs 5 crore, Reuters reported today.
According to Hindustan Times, the Adani group’s shareholding in IANS is 76 percent with voting rights and 99.26 percent without voting rights. The allotment of shares was approved by the IANS board at a meeting on January 16.
In December, the group had acquired a 50.5 percent stake in the Delhi-based news agency. At the time, it said the acquisition was “strategic in nature”. In November, the Adani group had acquired the remaining 51 percent stake in Quintillion Business Media Private Ltd, which runs BQ Prime, to take full control.
The acquisitions are just part of the group’s flurry of media ventures. In December 2022, it conducted a hostile takeover of NDTV, which Newslaundry reported on at length. Adani’s NDTV in 2023 was characterised by big plans, a leadership void, and the announcement of several new channels.
However, a year after the takeover, the network’s digital viewership has continued to shrink despite new anchors, new management, and ostensible tweaks in content strategy. Read all about it here.
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