TV buyers believe ITV's Q1 ad loss may be more like 2.5%. Still, an ever-falling share price, fuelled by the sort of negative daily press coverage that only mass-entertainment companies, such as ITV, have to endure - witness the barrage of criticisms of ITV1's new schedule that is only in its third week - is hardly the sort of confidence builder that ITV needs as it faces up to the challenges of a digital age.
The messianic welcome given to Michael Grade a year ago is not reflected in investor sentiment now - ITV's share price has lost a third of its value since he joined and has significantly under performed both the FTSE-100 and the media sector.
Meanwhile, radio giant GCap Media's own melting share price only revived recently on news of a takeover bid by Global Radio. As the market leader, radio desperately needs a strong GCap to invest long-term in its digital development.
But it is doubtful whether ITV or GCap can be industry leaders and meet the short-term return demands of their shareholders.
Indeed, can any media company prosper as a true plc? The best examples of successful media plcs - BSkyB and DMGT - are really family firms that can take risks with shareholder impunity, while the most famous pure media plc, Emap, is now extinct.
With its importance in the nation's cultural heritage, the media sector is burdened by legislation that is unique in industry. And, is there any other sector that is dominated by a player that is funded through a tax on the populace?
Given all this, and at a time when media companies need to invest for a digital age without knowing where the return will come from, it is apparent that media companies need the succour of private ownership or entertainment conglomerate parents to prosper.
That said, wouldn't ITV's future be better secured under Sky's ownership?
When the alternatives are the continuing demise of a cultural institution and the most important UK advertising vehicle, or foreign ownership and ever more TV imports, wouldn't British ownership by Sky be preferable?
- Colin Grimshaw is the deputy editor of Media Week.
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