Media honeymoons don't last long these days.

Michael Grade arrived as Executive Chairman of ITV in a fanfare of trumpets from the chattering and city classes. Everyone said, and we agreed "What an inspired appointment". Grade spoke extensively and wisely at the ISBA conference about the many real challenges he faces and the necessity to re-introduse quality prime time programming to ITV

But as anyone with proven media experience will agree, that takes time. But he has hardly been in the job let alone had time to effect the changes so desperately needed. Yet already the knives are out for his chances of success.

Those bright and often very informed media analysts at Merrill Lynch have today issued a report with a downgrade ITV to SELL stock recommendation.

They generously acknowledge that "We think Michael Grade has made a good start as CEO of ITV" and add "We also acknowledge that his plans could have a positive impact on EPS".

On the upside, ML see opportunities for cost reduction in regional programming; growth from digital channels; a turnaround in audiences and some value if Murdoch's Sky have to sell their ITV stake.

But the diagnosis suggests that a higher probability is (a) the changes to CRR and PSB regulations won't work to ITV's advantage and that (b) mishaps may dominate the ITV diversification strategy.

Expressing the hope that Grade's Autumn presentation with revive flagging audiences, ML still believe investors are already paying for perfect execution and conclude that ITV cannot justify an upside scenario.

You can't help feeling that here is another example of the city rustling up commissions and fees for doing deals for the sake of doing deals. Nothing has yet had a chance to change since Michael Grade took charge and was welcomed big time by the city.

So why deny him the support and the chance to effect the changes.

At least let him get to the end of 2007 before the long knives come out of their scabbard