New Delhi, June 24 -- When a cash-rich media company chooses to issue fresh equity that significantly boosts promoter control, it raises questions about strategic priorities and shareholder value that go beyond routine financial decisions.

Zee Entertainment Ltd's Rs.2,237 crore preferential share warrant issuance-increasing the Chandra family's stake from 3.99% to 18.39%-raises fundamental concerns about a company prioritizing control over transformation.

This decision comes as Zee occupies an uncomfortable middle ground between streaming and traditional broadcasting, with mixed financial signals.

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