Zee's Q4FY20 was weak with 15% YoY decline in ad revenues, multiyear low EBITDA margin of 16% (reported negative) in a quarter that wasn't impacted by Covid, Rs 11bn write-offs, Rs 10.5bn rise in inventory in H2FY20 (Rs 15bn in FY20) and auditors' qualification for liabilities not provided for worth Rs 4bn. MD & CEO open letter' as usual is upbeat (has to be) stating rebirth of company (Zee 4.0), 5Gs (governance, granularity, growth, goodwill, and gusto) etc is good to hear. But as is the saying actions speak louder than words'; we would prefer tangible results (FCF followed by...