The World: Cincinnati - P&G reveals slash in adspend for key toiletries

Procter & Gamble dramatically slashed its media spend during the last quarter. The news will alarm media owners who had been hoping for some stability from the world's biggest advertiser.

Meanwhile, many of P&G's biggest rivals, including Unilever, L'Oreal and Johnson & Johnson, have also cut their US adspend, according to TNS Media Intelligence.

The cuts come as marketers grapple with rising commodity costs, price hikes, rising own label sales and cost-cutting consumers.

P&G's cuts were focused on three brands - Olay, Pantene and Crest, which have traditionally been supported by the biggest budgets.

However, Olay and Pantene have seen sales slow and market shares fall.