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GM Pulls Oscars Advertising Plan

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NEW YORK (Reuters) - 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.

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Watch one of the Chevy Volt ads GM has been aggressively running throughout Beijing Olympics coverage