Ad in FY21 to be washout; stable subscription a solace Zee expects the mix of macroeconomic challenges, Covid-19 shock to impact sharply with about two-third of ad revenues loss in Q1, worst case ad revenue fall of 28-30% in FY21. It expects some recovery by Q2 end aided by festive season beginning and complete availability of new programming (currently operating at ~60-70% in Hindi, ~80-90% in regionals (ex-Tamil)). We bake in ~20% decline in ad revenues, followed by ~25% growth in FY22, on a depressed base. On the subscription front, given the impact of...