Zee Entertainment Enterprises Limited (ZEEL) acquires 100 per cent equity stake in Sarthak Entertainment Pvt Ltd which operates Sarthak TV, the Odia language general entertainment channel (GEC).
The acquisition will 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 Crores.
With this, Zee Entertainment has entered the rapidly expanding regional market in Odisha. This acquisition further strengthens its already dominant line-up of regional channels.
ZEEL MD and CEO Punit Goenka said, “We are pleased to announce the acquisition of Sarthak as we continue to invest in tomorrow. 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.”
The other regional channels from the Zee Entertainment bouquet are Zee Kalinga, Zee Marathi, Zee Talkies, Zee Bangla, Zee Bangla Cinema, Zee Telugu, Zee Kannada and Zee Tamizh.
Sarthak Group founder and managing director Sitaram Agrawal and Sarthak TV director Raj Thourani added, “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.”
Sarthak TV was launched in 2010. The channel has been successful in creating high quality content catering to the needs of local audience. It airs reality and non-fiction shows besides being the market leader in the fiction segment.