Zee to acquire Odisha's Sarthak TV
DetailsRebecca Hawkes | 16 July 2015
Indian media giant Zee Entertainment Enterprises (ZEEL) has announced its intent to take 100% ownership in Sarthak Entertainment, operator of general entertainment channel Sarthak TV.
The Odia language channel, which launched in 2010, will be bought in a cash deal for a maximum of INR1.15 billion (US$18.1 million), subject to regulatory approval, ZEEL said.
ZEEL will add Sarthak to its growing portfolio of regional channels, namely Zee Marathi, Zee Talkies, Zee Bangla, Zee Bangla Cinema, Zee Telugu, Zee Kannada and Zee Tamizh.
"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," said Punit Goenka, MD & CEO, ZEEL.
In a statement, Sitaram Agrawalla, founder and managing director of the Sarthak Group, and Raj Thourani, director, Sarthak TV, 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 operates in a regional field that includes Colors Odia and Tarang TV as competitors.