Adani owns over 50% share in IANS to boost media influence
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New Delhi: AMG Media Networks Ltd (AMNL), a subsidiary of the Adani Group, has secured a 50.5% stake in the renowned news agency Indo-Asian News Service (IANS). The acquisition, comprising both Equity (Category I shares - with voting rights) and Equity (Category II shares - without voting rights), positions IANS as a subsidiary of AMNL.
This development comes on the heels of Adani Group's foray into the media sector, marked by their acquisition of Quintillion Business Media in March 2022, which included the financial media organization BQ Prime.
The share purchase agreement, finalized on December 15, emphasizes the strategic nature of the acquisition, granting AMNL operational and management control over IANS. The Adani Group asserted its authority in a regulatory filing, stating, "All operational and management control of IANS will be with AMNL, and AMNL will have the right to appoint all directors of IANS."
This move follows Adani-group-owned Vishvapradhan Commercial Private Limited's acquisition of 99.5% of NDTV’s equity share capital in the previous year, further solidifying Adani's footprint in the media landscape.
With these strategic acquisitions, the Adani Group is poised to wield significant influence in the media industry, shaping the narrative and direction of key news agencies under its expanding umbrella.