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ZEE BUYS ODIYA TV CHANNEL
ZEE Pays Rs. 115 Crore To Enter Odiya TV Market
Zee Entertainment Enterprises Limited (ZEEL) has acquired 100% equity of Sarthak Entertainment Pvt Ltd which operates Sarthak TV, an Odiya language General Entertainment Channel (GEC).
Sarthak Entertainment's shareholders will receive upto Rs. 115 Crore in an all cash deal, if the purchase receives regulatory approval.
Launched in 2010, Sarthak TV is the market leader in Odisha.
The other players in the Odiya TV market are Tarang TV and Colors Odiya. The Odiya regional language TV market is a small niche but growing rapidly.
Sarthak Group founder and managing director Sitaram Agrawalla & Sarthak TV director Raj Thourani said "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 will join Zee's regional language TV channel bouquet which already includes Zee Marathi, Zee Talkies, Zee Bangla, Zee Bangla Cinema, Zee Telugu, Zee Kannada and Zee Tamizh.
It is not clear if Zee will re-christened Sarthak TV after the purchase is complete.
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
ZEE Pays Rs. 115 Crore To Enter Odiya TV Market
Zee Entertainment Enterprises Limited (ZEEL) has acquired 100% equity of Sarthak Entertainment Pvt Ltd which operates Sarthak TV, an Odiya language General Entertainment Channel (GEC).
Sarthak Entertainment's shareholders will receive upto Rs. 115 Crore in an all cash deal, if the purchase receives regulatory approval.
Launched in 2010, Sarthak TV is the market leader in Odisha.
The other players in the Odiya TV market are Tarang TV and Colors Odiya. The Odiya regional language TV market is a small niche but growing rapidly.
Sarthak Group founder and managing director Sitaram Agrawalla & Sarthak TV director Raj Thourani said "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 will join Zee's regional language TV channel bouquet which already includes Zee Marathi, Zee Talkies, Zee Bangla, Zee Bangla Cinema, Zee Telugu, Zee Kannada and Zee Tamizh.
It is not clear if Zee will re-christened Sarthak TV after the purchase is complete.
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
:tup
