General Motors has long been one of the nationís largest advertisers, but the Detroit automaker shed 54 sponsorship contracts during its time in Chapter 11 bankruptcy protection. The canceled contracts run from billboards in New Yorkís Time Square to livestock expos in Texas.
According to The Detroit News, GM successfully shed 54 sponsorship deals while under bankruptcy protection. The move will save the automaker millions in annual ad dollars, although GM has yet to comment on exactly how much the canceled contracts will save each year.
Some of the larger terminated contracts include ad deals with the Oakland Raiders, the University of Southern California and the Arnold Palmer Invitational golf tournament. GM even terminated its contract for a Chevrolet clock in Times Square Ė a deal which dates back seven decades.
The contract terminations come as no surprise, though, as GM has been trimming its ad dollars for several months. GM has already stopped advertising during the Super Bowl and the Academy Awards and cut ties with golfer Tiger Woods late last year.