What promised to form the largest content powerhouse in the world’s second most populous country, mounting healthy competition for Disney and Reliance, will never materialize – following a catastrophic collapse of the proposed merger between Sony’s Indian wing and Zee Entertainment. This latest failed attempt to band together two media breeze blocks adds fuel to the existential crisis facing this industry: is consolidation the answer to the streaming ecosystem’s new obsession with profitability? Back in the US, where Warner Bros Discovery and Paramount Global are exploring M&A options (Comcast’s NBCUniversal is a wildcard rumor here), investors may heed lessons from why Zee Entertainment missed the deadline to submit closing conditions – derailing a deal valued at $10 billion that has…