Odisha Sun Times Business Bureau
Bhubaneswar, Jul 16:
Zee Entertainment Enterprises yesterday announced its decision to acquire 100 percent equity stake in Odisha’s Sarthak Entertainment that owns and operates Sarthak TV, the state’s No 1 entertainment channel, in an all-cash deal for Rs 115 crores.
The acquisition will be from current shareholders of Sarthak Entertainment Private Limited and subject to requisite regulatory approvals.
With this acquisition, Zee Entertainment Enterprises Ltd (ZEEL) intends to strengthen its foothold in a highly competitive Odisha entertainment TV market. Sarthak TV, currently Odisha’s most watched entertainment channel, is expected to give ZEEL a strong debut in the state where national players are investing heavily. Network 18 recently took over ETV Odia and has been operating the channel under its brand ‘Colors Odia’.
“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,” said Founder & Managing Director of the Sarthak Group Sitaram on the takeover.
Launched in 2010, Sarthak TV has been successful in building a loyal viewership and creating content that caters to the needs of local audience. It airs highly successful reality, non-fiction and fiction shows.
While ZEE currently operates a 24-hour news channel named Zee Kalinga in the state, nationwide it also operates as many as 33 channels in other regional languages, namely Zee Marathi, Zee Talkies, Zee Bangla, Zee Bangla Cinema, Zee Telugu, Zee Kannada and Zee Tamizh etc.
“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 MD & CEO of ZEEL, Punit Goenka commenting on the acquisition.