ICICI Securities Ltd | Retail Equity Research The key highlight for Zee Entertainment's (Zee) Q3FY19 performance was the strong performance on the domestic subscription front (~28.6% YoY growth vs. estimate of ~18%) and domestic advertisement growth of ~20.6% YoY (even on a high base of 30.2% growth in Q3FY18). International ad grew ~40% YoY. We note that while subscription revenues were led by catch up revenues from deal closures and better monetisation of phase III markets, the domestic ad...