GM won't buy ad time for next Oscars


General Motors has pulled out of its longtime sponsorship of the Academy Awards, the Wall Street Journal reported on Sunday. The move, which comes amid a sharp downturn in auto advertising, will leave ABC without one of its biggest advertisers for Oscar night in February, the paper said.

GM has long been one of the biggest spenders on the star-studded program, the paper said, paying $13.5 million for ad 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," WSJ cited a GM spokeswoman saying.