As GM slashes its operating costs company-wide, it's leaving the two awards shows on the cutting room floor, reports the Detroit News. The sponsorships are coming after GM reported a big $15.5 billion loss in the second quarter and as the company retrenches its marketing efforts.
GM was the top sponsor for the Academy Awards and spent almost $100 million with the Oscars over the past decade, the News reports. The company still spent more than a half-billion dollars on marketing in the first quarter of 2008, the paper adds.
Left untouched is GM's sponsorship of the 2009 Grammys, the Golden Globes, and the Country Music Awards.