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AT&T Drops Tiger Woods

(Tiger Woods item updated to include comment from an AT&T spokesman.)

NEW YORK ( TheStreet) -- AT&T (T - Get Report) has dropped Tiger Woods as one of his sponsors, the company said in a terse statement Thursday.

"We are ending our sponsorship agreement with Tiger Woods and wish him well in the future," AT&T said.

The company, whose name had been emblazoned on Woods' golf bag, was the chief backer behind the AT&T National tournament hosted by Woods every July outside Washington, D.C.

An AT&T spokesman said the company will continue to sponsor the event. He wouldn't comment further, but it's unclear whether Woods will remain in his role as host. The tournament's Web site still bears an image of the golfer on its home page.

AT&T also sponsored one of Woods' charity events, "TigerJam," but the contract for that arrangment has expired, the spokesman said.

Other major corporate sponsors, including Proctor & Gamble's Gillette unit and Accenture (ACN - Get Report), have backed away from Woods in the wake of the scandals that emerged followed his car accident on Thanksgiving weekend.

According to a study that received a lot of media attention this week, the scandal has cost shareholders of Woods-endorsed companies as much as $12 billion in overall market value.

-- Written by Scott Eden in New York

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Scott Eden has covered business -- both large and small -- for more than a decade. Prior to joining TheStreet.com, he worked as a features reporter for Dealmaker and Trader Monthly magazines. Before that, he wrote for the Chicago Reader, that city's weekly paper. Early in his career, he was a staff reporter at the Dow Jones News Service. His reporting has appeared in The Wall Street Journal, Men's Journal, the St. Petersburg (Fla.) Times, and the Believer magazine, among other publications. He's also the author of Touchdown Jesus (Simon & Schuster, 2005), a nonfiction book about Notre Dame football fans and the business and politics of big-time college sports. He has degrees from Notre Dame and Washington University in St. Louis.

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