They fear it could lead to a fattening-up of ITV for sale to a US company, with cuts to programming budgets.
Reports suggest that ITV chief executive designate Charles Allen will be the next victim of the rebellion, and that shareholders see greater value in a sale of ITV.
In the immediate term this could be very damaging for advertisers. MindShare head of investment Nick Theakstone said: "We could be in for two years of a plumping-up exercise, with cuts in programming to improve ITV's bottom line."
There are concerns that instability at ITV caused by the action could paralyse decision-making and further disrupt the annual round of TV contract negotiations. These have already been delayed by the Competition Commission's inquiry into the ITV merger.
They are now scheduled to commence on November 7, after the implementation of a contract rights renewal remedy to protect advertisers' interests.
However, ITV has yet to announce any structure for a merged sales house, or any appointments. There is also deep scepticism that an adjudicator to oversee the CRR process can be appointed within three weeks. Former GlaxoSmithKline advertising director John Blakemore is the latest name to be linked with the position.
Aside from concerns over instability, the ousting of Carlton chairman Green was welcomed by advertisers. Procter & Gamble associate director media Bernard Balderston said he hoped it would avoid conflict between Green and Allen, his Granada rival. "We want stability, so it's better to sort it out now than in six to 12 months time," he said.
Green has also been blamed for the ITV Digital fiasco that diverted more than £1bn away from programming.
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