Zee Entertainment Enterprises Ltd (ZEEL) last month said it is acquiring Sarthak Entertainment Pvt Ltd, which operates Sarthak TV, the No.1 general entertainment channel (GEC) in Odia language. The buyout is likely to be an all-cash deal at a consideration of maximum of Rs 115 crore. The deal will strengthen ZEEL’s already dominant line-up of regional channels.
“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 Punit Goenka, MD & CEO of ZEEL.
Sitaram Agrawalla, founder & managing director of the Sarthak Group, said being the oldest and market leading network in India, ZEEL would provide the perfect platform for Sarthak to grow further in the future. With this acquisition, ZEEL has entered the rapidly expanding regional market in Odisha. Sarthak TV will complement ZEEL’s strong regional bouquet of channels such as Zee Marathi, Zee Talkies, Zee Bangla, Zee Bangla Cinema. Launched in 2010, Sarthak TV leads the Odia GEC pecking order.