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Updated: Oscars Telecast Loses Major Advertisers, Still Not Sold Out

ABC is scrambling to find replacement sponsors after backer L’Oréal Paris pulled out of the telecast.

With Sunday’s Academy Awards rapidly approaching, ABC is scrambling to find replacement sponsors after two major advertisers, L’Oréal Paris and General Motors, pulled out of the telecast..

 

Mediaweek reports that L’Oréal has spent $40.9 million on the Oscars since 2004, reports TNS media – leaving a gaping hole in unsold inventory for the network.

 

One official close to the telecast said that as of three days before the telecast, ABC was still seeking one more major sponsor.

 

As of Feb. 13, media buyers estimated ABC still needed 6-8 spots, or 12% of the time to constitute a sellout, said Mediaweek.

 

In October, General Motors – the show’s second-largest investor last year – also announced it would be pulling out of this year’s Oscars after a decade of sponsorship.

 

Read the full story at Mediaweek.