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ZEEL to acquire Sarthak Entertainment

By afaqs! news bureau , afaqs!, Mumbai | In Media Publishing | July 15, 2015
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This marks ZEEL's foray into the Odisha market. Sarthak Entertainment operates Sarthak TV, an Odia GEC.

Zee Entertainment Enterprises (ZEEL) has announced that it is acquiring 100 per cent equity stake in Sarthak Entertainment. The development marks ZEEL's foray into the Odisha market. Sarthak Entertainment operates Sarthak TV, an Odia GEC.

zee

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 crore, the company said.

With this acquisition, ZEEL further strengthens its regional portfolio that also consists of Zee Marathi, Zee Talkies, Zee Bangla, Zee Bangla Cinema, Zee Telugu, Zee Kannada and Zee Tamizh.

PunitGoenka

Punit Goenka, MD and CEO, ZEEL, says, "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 and MD of Sarthak Group, and Raj Thourani, director, Sarthak TV, add, "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."

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