Media: Perspective - ITV's fall from FTSE 100 is one blow from which it can recover

It was hardly in the league of Lehman Brothers filing for bankruptcy or collapsing. However, ITV plc's exit from the FTSE 100 last week should be seen as an emotional blow for the broadcaster and the mainstream media sector as a whole.

While New York's, and the world's, investment banking community continued to create "meltdown" headlines and Britain's budget travellers got even less than they bargained for, at least ITV was still in business, still trading. It was just struggling to get among the great British companies at a time when Great Britain's companies are not at their greatest. Not much to shout about but, on balance, better than facing extinction or being broken up as carrion for your vulturous rivals to feed on.

So, in some ways the collapse of the Leviathans of Wall Street puts criticism of ITV into context. It, after all, is still making money, has a real market value (albeit, at around £1.8 billion, roughly a third of when it was first created out of the merger of Carlton and Granada in 2004), and, unlike some of the busted US banks, has actually been charging its customers for output that actually exists.

And, it could be argued, those customers aren't getting a bad service right now, partly due to the parlous state of the media market and the accompanying deflation in the TV airtime market. But there's no denying that it would be better for ITV to be within the FTSE rather than without.

To date, though, the executive chairman, Sir Michael Grade, and his team, have been extended some sympathy by analysts. Because it's not hard to locate its fall from grace and problems with declining ad revenues and profits firmly within the wider economic picture, the rigours of CRR and a cyclical media market that will see it bouncing back sometime in 2010.

There has even been some talk among the creative community of a bit of a renaissance on the programming side, with shows such as Lost in Austen attracting good reviews, while its big autumn programming is more than matching a highly competitive BBC (X Factor beating Strictly Come Dancing over the weekend, while Poirot put up a creditable performance against the BBC's Tess of the D'Urbervilles).

It's not that ITV's being especially mismanaged, though it may have been at its launch as a plc, it will just be hard for it to break out of its period of decline. At the moment, all it can do is shout about its relatively strong programming and the success of its digital channel offering, and hope the traditional media cycle revolves around. Not easy when Google is launching satellites and the likes of Disney are in town weighing up the value (or lack of) in UK media assets.