Of course, any boss has a keen interest in its largest shareholder, but Grade especially so because, let's face it, his future at the company is at stake.
If Sky offloads to a broadcaster such as Five-owner RTL or Big Brother producer Endemol, then I'd put my money on Grade being given another year to rescue ITV.
But, if a more aggressive buyer, such as the American hedge fund Silver Point Capital, which is reportedly eyeing the stake, or a private equity fund grabs the biggest slice of the ITV pie, then I would put good money on Grade packing his matching socks and braces by Christmas.
Why? Because broadcasters and finance firms think very differently. A broadcaster would allow Grade to indulge his creativity, while the finance house will see an organisation in need a radical overhaul.
This Saturday is the first anniversary of the beginning of the credit crunch.
While it has clearly impacted on ad spend, it has also acted for many companies as a convenient excuse for poor performance.
The buck ultimately stops with Grade and those such as Silver Point Capital, if they do grab the Sky stake, will not give him any more time to turn things around.
What they see in ITV is this, while Grade predicted flat advertising revenue for the first half of this year, it is looking at a full year where many expect revenue to come in £100m short of the £1.36bn achieved during 2007.
Sharp investors are also looking to the increasing trend among advertisers to target local audiences.
While ITV1 is still the number one channel for those brands seeking to hit mass audiences quickly, it is likely to lose out as viewer migration to digital channels continues.
But, as the switch to niche channels gathers pace, ITV is looking to cut its regional TV output to focus on cash cows such as Britain's Got Talent.
For many, Grade's strategy is going in the opposite direction to advertisers' money. SMG got it right last week when it announced a channel dedicated to Scottish programmes. It's a strong niche and one advertisers will respond to.
With ITV share's trading at near all time lows - the company is worth less than half the amount it was a year ago - Grade must be praying for a white knight not just for ITV, but for his career.
David Parsley is the founder of parsleymedia, the media services group, and former editor of City AM.