Michael Grade is beginning to disappoint. His company is far too tied to the economic cycle and September's 20 per cent fall in advertising is frankly scary. Finally TV advertising is falling off a cliff and there is little ITV can do.

Yes ITV is miles better operationally than when Grade arrived 18 months ago. The schedule is better, the ambition is back and the quality of executives far greater. But it is not yet enough.

More telling was the decision to push back targets for growing the TV production business and online revenues to 2012. This is in ITV's control and ITV's failure here shows a worrying inability to translate optimism into results.

Grade badly needs to deliver some financial improvement over the next twelve months. There are plenty of others who think they can do better - some of whom might be willing to buy into the business to do it.

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