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After two years of combining celebrities, fashion and music with the best of its vehicle lineup, General Motors has decided that the 2009 GM Style Event just isn't worth the expense. The cancellation of GM Style is part of the General's goal to free up $15 billion in cuts and asset sales by 2009. Considering the automaker pays B- and C-list celebrities and sports figures to attend, there's some money on the table here. The event has actually been a big hit the past two years with attendees like Kid Rock and Jay-Z, Carmen Electra, Jeff Gordon and the some well known fashion designers from around the world. GM also used the bright lights and catwalk to show the Camaro Convertible Concept and Corvette ZR1 for the first time.

The death of GM Style comes right after the automaker decided to pull its advertising at the Emmy Awards and next year's Academy Awards broadcast. GM has been the largest advertiser of the Academy Awards over the past 10 years, with $97.1 million spent on the awards show since 1998. GM will still advertise at the Golden Globes, Grammys, and Country Music Awards in 2009.

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[Source: Detroit News]