General Motors Ends Sponsorship of Academy Awards, Emmys

After a second quarter loss of $15.5 billion, auto giant General Motors will discontinue sponsorship of the movie industry's Academy Awards and television industry's Emmys. GM has sponsored the awards ceremonies for at least a decade.

"With the current business challenges and the tightening of budgets, we decided to focus our promotional dollars on activities that reach the most customers and get us the most return on investment," said Kelly Cusinato, company spokeswoman.

Cusinato did not comment as per the amount that GM spends on advertising during the two ceremonies, which air on Walt Disney's ABC network.

GM was the only automotive sponsor during the 2008 Academy Awards and provided vehicles for transportation purposes.

General Motors is the largest automotive maker in the United States and is reevaluating their advertising strategy to save $10 billion per year, according to an Aug. 13 presentation by Chief Financial Officer Ray Young.