Zee set to acquire Odia channel Sarthak TV

15 Jul,2015

By A Correspondent

 

Zee Entertainment Enterprises Limited (ZEEL) has announced its decision to acquire 100% equity stake in Sarthak Entertainment Pvt Ltd which operates popular Odia GEC ‘Sarthak TV’.

 

The acquisition shall be from current shareholders of Sarthak Entertainment Private Limited, subject to requisite regulatory approvals, as an all-cash deal at a consideration of maximum of Rs. 115 crore.

 

With this Zee enters the rapidly expanding Odisha market from a bouquet of channels in other regional languages like Marathi, Bengali, Telugu, Kannada and Tamil.

 

Launched in 2010, Sarthak TV has been a leader amongst Odia GECs. Commenting on the acquisition, ZEEL MD and CEO Punit Goenka said:  “The acquisition of an already profitable, market leading venture is going to be a value accretive investment in line with our philosophy of enhancing shareholder value. Sarthak will further add to our formidable bouquet of 33 channels in the domestic market”.

 

Said Sitaram Agrawalla, Founder & Managing Director of the Sarthak Group and Raj Thourani, Director, Sarthak TV: “It gives us great pleasure to announce that Sarthak will now be a part of India’s leading entertainment network. Being the oldest and market leading network in India, ZEEL would provide the perfect platform for Sarthak to grow further in the future. With a history of successful operations, we are sure Sarthak will be a great value-add for ZEEL”.

 

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