As this licenses are taken by Zee entertainment enterprises most probably it will not be a news channel. Zee's News channels are licensed by Zee media corporation.
Coming to Kerala, if we check the naming pattern of Zee, entertainment channels are named with language(Zee tamil, Zee Telugu).So its Malayalam channel should be 'Zee Malayalam'.But don't know why(may be name is longer) they named it 'Zee Keralam'. Past is past and if they go for a sudden renaming it will not be fair. They had enough time for that before launching. Also a third Zee channel (News or not) entry to Malayalam had no probability. First of all 'Zee keralam' can't make a space till now and they are still not launched a news or 3rd channel in Tamil and kannada which they had enough popularity.
Then about these 2 license -Zee had took Zee Malayalam license before many years and converted to &tv. So this licenses also will be like that. If they wish to change the name of Zee Kerala then no need of applying 2 new licenses.