ICICI Securities Ltd | Retail Equity Research Revenues declined 5.9% YoY to | 140.9 crore vs. our estimate of | 149.1 crore as advertisement revenue growth remained subdued in the demonetisation hit quarter. However, peer Zee Media reported a 15%+ YoY ad revenue growth in the same quarter, which indicates relatively weaker performance by TV Today. The miss was due to lower ad revenue growth (implied) of ~5.0% YoY decline (vs. our estimate of ~0.5% growth) & reduction in the subscription revenues...