The bank said ITV ad forecasts have been cut to a decrease of 9.7% from a decrease of 7% for the year to September 2002, and to a drop of 2.5% from 0% for the year to December 2002. This cut is based on lower ITV advanced bookings for December, which are currently down to a drop of 25% against earlier estimates of a 14% fall.
Carlton shares fell 2.2% to 187.75p after the bank downgraded the stock to "reduce" from "neutral". It also slashed its 2002 Ebitda forecast by 32% to £51m.
Shares in Granada fell 0.8% to 134p, as Merrill Lynch trimmed its 2002 Ebitda forecast by 14% to £138.5m.
The bank added that the sale of ITV Digital's database to BSkyB was a possibility, as was the digital terrestrial broadcaster's closure.
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