Two of the Oscars' Biggest Sponsors Have Decided Not to Return This Year

Rivals have already swooped in

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After a lengthy stretch during which they served as exclusive category sponsors of the Academy Awards, Hyundai and Coca-Cola have decided to leave the red carpet behind.

The automaker and soft drink giant told Adweek that they would not be buying time in this year’s Oscars gala, which is set to air Sunday, March 2 on ABC.

While the departure of the two sponsors is noteworthy—the official auto advertiser of the Academy Awards since 2009, top-spending Hyundai invested north of $12 million in last year’s broadcast, while eight-year backer Coca-Cola accounted for the third-largest commitment ($8.5

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