ITV digital, just like monkey, will return better than before. (Perspective).(Brief Article)(Editorial)

So, Monkey has been laid off. Shame. But perhaps he will be re-engaged at a later date.

Putting aside for the moment the question of its treatment of the Football League (surely a case of the gullible meeting the greedy and they both deserve each other), let's get a sense of perspective about ITV Digital, which last week went into administration.

The first thing to bear in mind is that there is nothing dirty, despicable or dishonourable about companies that go into administration. Administration is a concept enshrined in company law and it is based on the understanding that businesses sometimes need temporary protection from their creditors while they sort themselves out. It happens every week. As often as not, there can be a prosperous life after administration. Canary Wharf, today thriving and expanding in ways deemed impossible a few years ago, is a good example.

From that point of view, it is premature to conclude that this means ITV's digital experiment is dead. Far from it. We are merely in that period between the closure of one chapter and the opening of the next. The City view -- ruthless and clear-headed -- says much: share prices of Carlton and Granada went up.

Indeed, the reaction of ISBA may be just as instructive. Short term it believes it is good news for ITV1 (and for advertisers, naturally) if it frees more funds for investment in programming. It's ...