GM Puts 54 Contracts in the Rearview
On Monday, a federal bankruptcy judge allowed GM to cut 54 advertising and marketing contracts, as part of a restructuring plan intended to make the car company a leaner and more focused business operation. Here's a quick rundown of some of the deals that were waived:
For a full list of the sponsorship contracts cancelled click here.
Aside from these contracts, GM has been shedding sponsorships that expired over the past year including several major league baseball team deals, an endorsement deal with Tiger Woods and hospitality around major events like the Super Bowl.
Moving forward, the company plans to focus its attention on four core brands: Chevrolet, Cadillac, Buick and GMC, according to Detroit News.
"You will very quickly see a drastic change in the tone and content of our advertising," said GM Vice Chairman Bob Lutz.
Even with the reduction, GM in Q1 2009 still spent $424 million in advertising, ranking them 4th among all companies.
For more on the topic, check out Sponsorship's New Killer B's.