The Zee Entertainment Enterprises Ltd (ZEEL) has acquired 100 per cent stake in Sarthak TV channel, which is the No. 1 entertainment channel in Odisha. The deal was fixed at Rs 115 crore. It’s a giant step forward by Zee Group, which already owns Zee Marathi, Zee Talkies, Zee Bangla, Zee Bangla Cinema, Zee Telugu, Zee Kannada and Zee Tamizh.
Zee Group also runs a successful news channel Zee Kalinga in Odisha. Sarthak is currently competing with Tarang TV and Colors Odia.
ZEEL MD and CEO Punit Goenka 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.”
Sarthak Group founder and MD Sitaram Agrawalla and Sarthak TV director Raj Thourani 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.”