General Motors pulls sponsorship of Oscarsupdated 59 minutes agoFont size: Report: Move comes amid a sharp downturn in TV auto advertisingNEW YORK - U.S. automaker General Motors Corp. has pulled out of its longtime sponsorship of the Academy Awards, one of the biggest annual events on broadcast television, the Wall Street Journal reported on Sunday.

The move, which comes amid a sharp downturn in automotive advertising on television, will leave Walt Disney Co.’s ABC without one of its biggest advertisers for Oscar night in February, the paper said.

The auto maker has long been one of the biggest spenders on the star-studded program, the paper said, adding that it paid out $13.5 million for advertising time on the broadcast this past February, according to TNS Media Intelligence.

“It is a great property, but it simply didn’t fit into our plans for 2009,” the Wall Street Journal cited a GM spokeswoman saying.

GM was not immediately available for comment.

These are things I have been talking about. Read between the lines people. It's much worse then most know. They can't afford to pay $13 million, for one of the most watched TV events. I thought the worst was behind us? Market condition are accelerating, to the downside, faster then anyone one imagined. GM is actually bankrupt, they just haven't accepted the truth. Only savior will be some merger of sorts. With who is anyone's guess.

God you are so pathetic . GM is going to sponsor major sport events and this is one of the reasons that they pull out from the sponsorship . I know because I work for GM .

inbox1- It amazes me, how some people can't see the forest, through the trees. LOL. I have beautiful bridge to sell you in lower Manhattan. If your looking for pathetic, you don't need to look far, start with the mirror.

And all the banks are well capitalized at this time. Until they need to raise more money and more and more and...........

I work for GM subsidiary too-- or at least until August 25th. I was just laid off & I am pissed. Every six months or so they communicate a new vision for the company. Then they completely change course and go in another direction. GM's past decisions have rendered them broke today-- no surprise they are pulling out of advertisements and other sponsorships. Oh and did you know GMs CEO Rick Wagoner is one of the highest paid CEO's out there? Exactly what has he done? They are placing all their hopes on the 2010 Chevy Volt to save them. Can they hold on until then?? Because I'll bet you a dollar they will not turn a profit until then. BTW- I do not know what this has to do with Manhattan real estate-- but I had to chime in when I saw a GM blog. Right now in my mind-- they are MOST PATHETIC!!!!!

Texan -- sorry @ your job. That sux.

Curious as to why you would even consider working for GM. That's like taking a job at . . . Procter & Gamble or McDonald's Hamburger University. Did Cerberus and Blackstone not extend you an offer out of business school? Come to think of it, did the aforementioned even hold on campus interviews at Pace?

oh boy Patty B

Thanks LP1, and yes, it sux-- but these things happen and we move on. I took the job a long time ago-seemed like a good idea at the time. And no Paddy, Cerberus did not roll out the welcome mat for me when I finished business school in '06. But they showed me the door in '08 (along with many others).

Matter of fact, GM's treasury and finance mgt associate programs are considered among the best training grounds for MBA's. They hire from top schools and many successful executives got their start there.

Just too bad that they can't crank out cars that people want to buy. Tex, hang in there, you've got a good spot on your resume.