Co.'s cost cuts could hurt entertainment biz With sales plummeting 16% this year, General Motors said last week it will attempt to cut $10 billion in costs per year. And one of the key areas set to take a hit is marketing. That has Hollywood wondering how the ripple effect will hurt the biz. Hardest hit will be sports sponsorships, with GM already having pulled out of the Masters golf tourney and opting not to renew its $1 billion contract to back the Olympics after this summer's Games. NASCAR, on which GM spends up to $140 million a year on sponsorships, promotions, advertising, and payments to teams and drivers, is also in the crosshairs. Some tracks have been told GM will pull the promo plug. GM has long been one of the biggest ad buyers. It shelled out $2.1 billion on ads in 2007, according to TNS Media Intelligence,...
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