The FMCG giants, along with other top 100 advertisers in the UK, argue that reducing programme spend could lead to a further downturn in audience figures for ITV1.
Of ITV's total ad revenue, almost 90% comes from its flagship channel, but figures have declined in the third quarter, despite increased adspend around the World Cup.
Figures for July advertising bookings are reported to be down 17% to £91m, with August bookings down 23% to £87m bringing revenue below £100m for the first time in decade.
To combat this, Charles Allen, ITV chief executive, has been visiting key advertising agencies in an attempt to help the situation and lobby for regulatory changes, including the abolition of the contract rights renewal system.
The CRR mechanism allows advertisers to cut adspend without losing any previously negotiated high spend discount.
It was accepted by ITV as a condition of the merger of Carlton and Granada, but it is soon to be reviewed by Ofcom and the Office of Fair Trading.
P&G said that while CRR was easing the way for advertisers in the short term, companies faced dangers in the future if ITV reduced its levels of investment in programming because of the revenue shortfall.
ITV1 still holds over 40% of all commercial viewing, with its biggest pulling programmes attracting audiences of more than 10m.
The broadcaster is understood to have warned advertisers that investment in programming like drama, which can cost up to £800,000 an hour, will be at risk if revenues do not pick up.
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