The BBC's chairman, Michael Grade, has shocked just about everyone in the media by quitting to become executive chairman of ITV. The Daily Telegraph's editor-at-large, Jeff Randall, reveals that Grade's resignation could come as soon as Tuesday.
No-one could have forecast this switch. Grade has not figured in the list of runners and riders for the top job at ITV, which has been searching for a new boss since Charles Allen departed in August.
As Randall - the BBC's former business editor - points out, Grade's defection "will stun colleagues and cause mayhem inside the BBC."
But it will also give both Rupert Murdoch and Richard Branson pause for thought as well. It has been negotiated, according to Randall, over a period of several weeks "with great stealth", during which NTL, where Branson is the largest stockholder, made a bid for ITV, and Murdoch's BSkyB bought up 18% of ITV's shares in order to block that NTL bid.
Given Grade's broadcasting experience, diplomatic skills and determination this could prove to be ITV's resurrection. As the Daily Telegraph argues in a leader, ITV "has pulled off a coup." It adds: "Recent events prove that ITV is still a valuable broadcaster and well worth saving... The loser here is the BBC." I couldn't agree more. Grade hasn't put a foot wrong since he assumed control at the BBC in the aftermath of the Gilligan affair.
The BBC's media correspondent, Nick Higham, admitted much the same on BBC's Newsnight. Both he and his interviewer, Jeremy Paxman, appeared amazed at the news. This is going to be a huge story in the coming days as the ramifications of this unexpected move become clearer.
