Quint Digital picks stakes in “The News Minute”, acquires 100% ownership of Quintillion Media

Quint Digital Media Limited has entered into definitive agreements to acquire 100% ownership of Quintillion Media Private Limited (“QMPL”) and 47.92% stake in Spunklane Media Private Limited, which owns "The News Minute". 

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The said stakes will be acquired for a total consideration of Rs 24.5 crore, 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 company on Wednesday said it records the highest-ever revenues of Rs 9.5 crore for Q2 and Rs 16 crore for the half-year ended September 30, 2021.

While the revenues shot up by 50%+ as compared with Q1 FY22 (June 21), it increased by over 80% as compared with Q2 FY20 (September 20).

On a half-yearly basis, the revenues grew by over 90% over the same period during FY 21 and the EBITDA witnessed a positive swing by more than 400%.

The quarter also witnessed The Quint continue its earnings growth with an EBITDA level of Rs 4.5 crore. “It is a complete upturn in performance as compared with Q2 FY21 (September 20) which saw an EBITDA level of Rs 1.03 crore,” the company said.

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 headquartered 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 crore from IIFL AMC, part of IIFL Wealth Management in Series A Funding.

Chirdeep Shetty is the Chief Executive officer at QTIPL.

YKA Media Private Limited (“YKA”): YKA is India’s largest media platform (www.youthkiawaaz.com) for young changemakers who want to change the world. YKA was founded by Anshul Tiwari, Founder and Chief Executive Officer in 2014. Quint Digital will acquire 34.6% stake in YKA, including convertible instruments held by QMPL.

As per un-audited financial statements drawn as on March 31, 2021, the turnover of QMPL is Rs. 4,55,62,701.

In addition, Quint Digital will also acquire 47.92% stake in Spunklane Media Private Limited (“SMP”).  SMP operates a digital news platform (www.thenewsminute.com) and is focused on reporting and writing on issues in India, with a specific focus on the 5 southern states viz. Andhra Pradesh, Telangana, Karnataka, Tamil Nadu and Kerala.  It was founded by Dhanya Rajendran, Chitra Subramaniam and Vignesh Vellore in 2014.

As per un-audited financial statements drawn as on March 31, 2021, the turnover of SMP is Rs. 4,27,63,157.

Speaking on this transaction, 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.”

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