Let be the nonzero bounded holomorphic function in the zero-set condition. Choose with and compose with a disk Möbius transformation carrying zero to . Call the resulting function and its zeros , counted with multiplicity. Then and .
For a radius with no zero on its circle, Jensen's formula givesTo see the formula directly, divide by its finitely many interior zero factors. The logarithm of the modulus of the resulting zero-free holomorphic function is harmonic near the closed disk and satisfies the mean value property. The circle average of for is , obtained by expanding . Subtracting its value at zero gives exactly the displayed zero sum.
Let through zero-free circles. Increasing limits of the nonnegative summands giveSince , the Blaschke condition follows for the transformed sequence. The hyperbolic metric identity and the base-point comparison proved above giveThis proves the reverse implication and completes the equivalence.
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