Ad witnesses impact of conversion of FTA to pay channel During Q1FY20, Zee, along with other key broadcasters, converted its FTA channels into pay. This resulted in 5-6% loss in ad revenues. Furthermore, the company also attributed the weak domestic ad growth to shifting of ad spends due to the cricket world cup. The company expects ad growth revival from H2FY19 driven by festivities. However, we note that the management reiterated its guidance of beating the expected industry ad growth of high single digit to low double digit in FY20. We bake in 11.4% CAGR in ad...