The acquisition shall be from current shareholders of Sarthak Entertainment, which operates Odia language GEC Sarthak TV
BestMediaInfo Bureau | Delhi | July 15, 2015
Further strengthening its line-up of regional channels, Zee Entertainment Enterprises has announced its decision to acquire 100 per cent equity stake in Sarthak Entertainment, which operates Odia language GEC Sarthak TV.
The acquisition shall be from current shareholders of Sarthak Entertainment, subject to requisite regulatory approvals, as an all-cash deal at a consideration of maximum of Rs 115 crore.
With this acquisition, Zee has entered the rapidly expanding regional market in Odisha. Sarthak TV will complement Zee’s regional bouquet of channels that includes Zee Marathi, Zee Talkies, Zee Bangla, Zee Bangla Cinema, Zee Telugu, Zee Kannada and Zee Tamizh.
Commenting on the acquisition, Punit Goenka, MD & CEO, Zee, 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, Sarthak Group, and Raj Thourani, Director, Sarthak TV, added here, “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, Zee 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 Zee.”
Launched in 2010, Sarthak TV leads the Odia GEC pecking order. The channel airs a mix of reality, fiction and non-fiction shows.