However, the X Factor broadcaster was buoyed in its latest results by the continued resurgence of ITV Studios, with the production arm expected to generate more than £100 million in profits this year.
ITV had a difficult time during the three months to the end of September, as viewers flocked to the advert-free BBC coverage of the London Games, or watched the action on free-to-air digital channels.
This resulted in ITV's television ad revenues falling 10% year-on-year in July and a further 9% in August, although the drop was cut to just 1% in September.
ITV said that it expects TV ad revenue to be down 2% year-on-year across the fourth quarter, despite the latest series of The X Factor currently being on air.
Flagship channel ITV1 has seen its share of viewing (SOV) fall 6% year-on-year in the ten months to October, while ITV's family of channels dropped 3% over that period.
Adam Crozier, the ITV chief executive, was quick to stress that the tough summer was down to several "unique events" that won't occur again next year.
"This has been an extraordinary year for UK television with many unique events including the Queen's Jubilee, the London Olympics and the Paralympics," he said.
"In fact nine out of the top ten programmes aired will not return next year and as we expected this has affected our viewing performance.
"However, we do not expect our viewing performance in 2012 to impact our advertising share in 2013 and we are focused on growing our share of viewing next year."
ITV's total external revenue was up 4% to £1.57 billion in the first nine months of the year. This was partially driven by ITV Studios, which increased its revenue by 20% to £498m over the quarter.
Crozier said that ITV Studios - maker of programmes such as Come Dine with Me and Hell's Kitchen - is expected to report over £100m of profit in 2012, proving a real boost to ITV's performance.
"We expect ITV Studios to report over £100m of profit in 2012, and the number of new commissions and recommissions already secured for 2013 gives us confidence that there will continue to be good underlying growth in the Studios business."
Another area of growth was online and interactive services, which increased revenue by around 20%. Over the first nine months of the year, ITV made around £81m from services such as ITV Player.
ITV also said that its total cost savings will be "around £30m" in 2012, which is £10m ahead of the original target. The broadcaster's net debt has now been wiped out to bring a £90m cash positive on the balance sheet.
"We have maintained our focus on cash and costs. Our financial position is strong with positive net cash of £90m and we will deliver around £30m of cost savings this year, £10m ahead of our original target," Crozier said.
"The economic outlook remains uncertain and we continue to see monthly."