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ZEEL to acquire Odisha’s Sarthak Entertainment for Rs 115 crore
MUMBAI: Zee Entertainment Enterprises Ltd (ZEEL) is acquiring 100 per cent of Sarthak Entertainment, which owns and operates Odia general entertainment channel Sarthak TV, for Rs 115 crore (Rs 1.15 billion).
The all-cash deal will include Rs 15 crore (Rs 150 million) payable in financial year 2017 and 2018, linked to certain performance milestones of the channel.
Launched in 2010, Sarthak TV is the market leader in Odisha. The other players in that market are Tarang TV and Colors Odia.
Other regional channels of ZEEL include Zee Marathi, Zee Talkies, Zee Bangla, Zee Bangla Cinema, Zee Telugu, Zee Kannada and Zee Tamizh.
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.”