After growing network and revenue market share consistently for a long period, Zee lost share in the last few years due to the promoter pledge and corporate governance issues. However, the recent merger with Sony has the potential to transform the company into a media powerhouse. The deal with Sony would enable a) a strong dominance in the Broadcasting space and b) the capability to be a force in the Digital Media space. With a warchest of INR113b (capital infusion from Sony post-merger) and a steady annual EBITDA generation capability of ~INR50b (from linear biz), the combined entity could certainly...