General Motors (GM) Retrenches, Pulls Out Of Longtime Oscars Sponsorship

GM, a longtime sponsor of the Academy Awards, isn’t going to be buying ads for the Oscars next year. Last year the company spent $13.5 million on the awards show.

GM said the Oscars “simply didn’t fit into our plans for 2009.” What “plans” is the company referring to? Cost cuts. When you’re burning through cash at the rate GM is ($3 billion a quarter), extraneous marketing has to go.

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