Zee Entertainment Enterprises Limited (ZEEL) has announced in principle decision to acquire 100% equity stake in Sarthak Entertainment Pvt Ltd which operates ‘Sarthak TV’, the GEC in Odia language.
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 Crores.
With this acquisition, ZEEL has entered the rapidly expanding regional market in Odisha. Sarthak TV, the number 1 player in the entertainment space in Odisha would complement ZEEL’s strong regional bouquet of channels viz. Zee Marathi, Zee Talkies, Zee Bangla, Zee Bangla Cinema, Zee Telugu, Zee Kannada and Zee Tamizh.
Launched in 2010, Sarthak TV leads the Odia GEC pecking order. The channel has been successful in creating high quality content catering to the needs of local audience. It airs highly successful reality and non-fiction shows besides being the market leader in the fiction segment.
Mr. Punit Goenka, MD & CEO of ZEEL, 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”.
Sitaram Agrawalla, Founder & Managing Director of the Sarthak Group and Mr. Raj Thourani, Director, Sarthak TV, further 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”.