|GM and MLB sign sponsorship deal.
A press conference is scheduled for 11 a.m. EST at the Grand Hyatt Hotel, not far from where the New York Auto Show is taking place this week at the Jacob Javits Center.
MLB officials declined to comment prior to this morning's announcement. GM could not be reached for comment. But one baseball executive, speaking on condition of anonymity, said the deal could be worth $20 million to $30 million, including advertising media buys.
While baseball appears to be overcoming the steroids scandal that hit the sport -- this is the second sponsorship agreement announced in the last two weeks, following the two-year deal with Wheaties that made the brand the official cereal of MLB -- General Motors is in its own tailspin.
Two weeks ago, the nation's second-largest advertiser in 2004 put its $3.5 billion national and regional dealer group media-buying account into review. Last week, the car company warned that its profits for 2005 could be as much as 80% below forecasts.