The matter is now before the Bombay High Court on an appeal after the court earlier decided not to allow Invesco to hold an EGM to remove Goenka. "ZEE's merger with Sony… addresses most of the concerns of its stakeholders. The main promoter will be Sony, and the board will be stronger in terms of corporate governance and performance," Edelweiss said in a report. This is because Sony will have the right to appoint majority of directors. Edelweiss said the merger could unleash huge synergies in content and OTT. Elara Capital estimates that the merged entity will hold a valuation of ₹81,400 crore of the TV business and ₹9,100 crore for the consolidated digital business. 'Too big to be replaced' "Sony-ZEE together command 22 per cent of the ad revenue market. ZEE-Sony may become irreplaceable given their sheer size (45 per cent ad market share) and gain market share in the medium to long term," said Karan Tuarani of Elara Capital.