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TWO OF Britain's leading media industry experts, Janice Hughes and Kip Meek, who came to prominence for their advice in the ITV franchise round, have set up their own consultancy, Spectrum Strategy Consultants, to advise companies on media/telecommunications business opportunities. As joint finance directors, they are backed by Priory Investments, whose key investor is Tim Waterstone, of bookshop fame. So far the fledgling company has attracted about 14 staff, some from Hughes's and Meek's former companies. Hughes headed Booz, Allen & Hamilton's London media side, while Meek was a partner at Coopers & Lybrand and has been handling a government study on whether BBC transmitters should be privatised.