According to The Wall Street Journal, GM has pulled its longtime sponsorship of the Academy Awards. The automaker has pulled out of one of the biggest annual events on TV after due to a downturn in automotive advertising.
That leaves ABC without one of its biggest advertisers for Oscar’s in February. GM was known to be the largest spender during the Oscars according to TNS Media Intelligence.
“It is a great property, but it simply didn”t fit into our plans for 2009,” said a GM spokeswoman.