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How could they have forgotten so soon how competitive that end of the business is and how appallingly low the margins are?

As Sir John Harvey Jones once famously put it, independent production is more of a lifestyle than a business.

The decision by the former Granada triumvirate of Steve Morrison, David Liddiment and Jules Burns to try to buy the TV business of Chrysalis for between £35m and £40m does not fit into that category. In fact, it says a great deal about the individuals involved, the nature of the ambitions of Chris Wright, the founder of Chrysalis, and indeed of the independent sector itself.

Morrison was the sacrificial victim at Granada for the ITV Digital disaster.

After all, somebody had to be responsible and this duty always falls on the second-in-command, even though in this case Morrison was deeply sceptical about the deal that broke the camel's back - the purchase of Football League rights.

Liddiment certainly had his ups and downs at the Network Centre, this time involving a higher class of football.

Luckily they haven't chosen any old indy. Chrysalis can depend for its bread and butter on ITV programmes such as Midsomer Murders, Ultimate Force and Formula One, which all have long-running contracts. On Channel 4, Chrysalis has also somehow managed to save Richard & Judy, at least for a year or two.

It knows only too well that ITV buys only two or three transmissions of its independent purchases and that they can add to a growing portfolio of international rights.

Apart from football - Wright lost about £20m of his own money with an unfortunate dalliance with QPR - the underlying theme of the deal is the Communications Bill. The provisions of the Bill, with a code of practice governing how broadcasters treat independents in future, ought to help create a much fairer market for the indies.

The emergence of a raft of powerful independent producers predicted 20 years ago simply hasn't happened, with the exception of Endemol. Now the process might at last be about to get under way. So far the weakness has always been the ability of broadcasters to hold onto the lion's share of the rights.

Chrysalis had no immediate plans to sell its TV company and was indeed managing to improve profit margins. The fact it is willing to dance, following an unsolicited approach, is the clearest sign so far that it plans to expand in radio once the ownership rules have been relaxed.

The problem is that all the big radio companies want to expand and be predators rather than prey. A deal with the boys from the north, if agreement can be reached on the small matter of money, will give Chrysalis enormous flexibility.

As for the independent production sector, it could be a sign that it has finally been allowed to grow up.