From The New York Times:
THEY gave out Oscars during previous recessions. They even gave out Oscars during each year of the Great Depression.
But the way Madison Avenue is behaving toward the 81st annual Academy Awards, to be broadcast by ABC on Sunday, one could be excused for believing that the ceremony was actually for the Razzie Awards, which mock the worst Hollywood movies.
Several Oscar sponsors from last year — among them General Motors, L’Oréal and the Bertolli food line sold by Unilever — are forgoing the program.
It is estimated that ABC is charging about $1.4 million to $1.7 million for each 30 seconds of commercial time on Sunday, or as much as 20 percent less than last year. By comparison, the most recent rates were estimated at $1.8 million for 2008 and $1.7 million for 2007. - Read the rest on The New York Times web site.