Zee Entertainment Enterprises Limited (ZEEL) has announced that it will acquire a 100 per cent equity stake in Sarthak Entertainment. Sarthak Entertainment operates Sarthak TV, an Odia GEC.
The acquisition is subject to requisite regulatory approvals. The acquisition will mark ZEEL's foray into Odisha.
Punit Goenka, MD and CEO, ZEEL, 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."
Sitaram Agrawalla, founder and MD, Sarthak Group and Raj Thourani, director, Sarthak TV, said in an official statement: "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 was launched in 2010.