GM Snubs Oscars

No more Hollywood nights in those Hollywood hills for Rick Wagoner. General Motors is pulling out of its longtime sponsorship of the Academy Awards leaving ABC without one of the event’s biggest sponsors.

“GM has long been one of ABC's biggest spenders for the Academy Awards spending $110 million for Oscar commercials over the last 11 years; $13.5 million for the 2008 Oscars,” writes CNBC’s Julia Boorstin in her blog Media Money.

"Needless to say, with high gas prices crunching consumer spending GM has been pulling back on its overall ad budget. But it's shifting its focus away from traditional TV ads -- it also pulled out of this year's Emmys -- and toward online ads which give a more carefully measured return on investment,” Boorstin says.


Oscar’s Top 5 Advertisers In 2007:

Procter & Gamble
Verizon Communications
General Motors
Time Warner

Source: TNS Media Intelligence


It seems strange to me that GM doesn’t want the largest audience outside the SuperBowl, muses an astonished Guy Adami.

I think General Motors' ad budget might have been a little bloated, adds Jeff Macke.

Source: TNS Media Intelligence

Source: TNS Media Intelligence

Got something to to say? Send us an e-mail at fastmoney-web@cnbc.com and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment but not have it published on our website send your e-mail to fastmoney@cnbc.com.

Trader disclosure: On Aug 18, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Najarian Owns (AAPL) And Is Short (AAPL) Calls; Najarian Owns (CSCO) Call Spread, (SNDK) Call Spread, (ZMH) Call Spread; Macke Owns (MSFT), (UUP), (WMT), (COST), (DIS), (ATVID); Finerman Owns (GS)

Finerman's Firm And Finerman Own (GLNG); Finerman's Firm And Finerman Own (C) Leaps; Finerman's Firm Owns (MSFT), (SUN), (TSO), (VLO), (VCLK); Finerman's Firm Is Short (IYR), (IJR), (MDY), (IWM), (SPY), (BBT), (COF): NBC Universal Is The Parent Company Of CNBC