Did Subhash Chandra beat a US activist fund with Zee-Sony merger?

It seems the market can't make up its mind if India's largest pvt television network, with a 17% share nationwide, is more valuable with the founders in the driver's seat or out of the wagon entirely

A 70-year-old Indian media magnate was about to lose his crown jewel to a campaign by a U.S. fund manager. But within a week, a Japanese conglomerate, itself a defiant survivor of several challenges by foreign activists, came to Subhash Chandra’s rescue. Asian family values triumphed over American-style corporate governance? Not really. Everybody won — the Indians, the Americans, and, of course, the Japanese.

Privately held Sony Pictures Networks India is merging with publicly traded Zee Entertainment Enterprises Ltd. Sony Group Corp. will control the larger empire, and infuse an additional $1.4 billion of cash into it. But the combined