Johnson & Johnson Pulls Out of 2010 Sponsorship

The downturns in the economy are having some rather wide-reaching effects. Many people are having a hard time keeping up with mortgage payments, businesses are laying off employees left and right, and some companies are shutting their doors altogether. It seems that these financial struggles are going to have a direct effect on the upcoming 2010 Winter Olympic Games as well.

As companies look to tighten up their books and minimize unnecessary expenses, they are also looking at reducing corporate sponsorships. More specifically, Johnson & Johnson has announced that it will be pulling its sponsorship dollars out of the 2010 Winter Games. The health care and pharmaceutical giant is not renewing its lucrative global sponsorship deal with the IOC.

That said, Johnson & Johnson did indicate that this decision does not necessarily mean that it will have zero presence at the games in 2010 and there may still be a connection between the company and 2010 in some way. The question now is how will this affect other sponsors that are going through tough economic times. What about General Motors, for example?

Source: CTVBC

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