Big brands pull the plug on TV ads

Major brands are backing down from ad deals with broadcast and cable networks, threatening an estimated $1 billion to $1.5 billion blow to the TV industry, The Wall Street Journal reports. General Motors and PepsiCo are among companies considering cutting up to 50% of third-quarter TV ad spending as the pandemic forces an overhaul on marketing plans. While brands have committed some $42 billion to American TV ads, ad execs say the crisis could upend traditional advertising further in favor of newer channels like streaming-video services and tech giants.