NEW YORK (TheStreet) -- General Motors (GM) is no longer the official sponsor of the National Football League as the Detroit-based automaker lost its sponsorship deal to Korean car maker Hyundai Motors, the Associated Press reports.
GM's contract dates back to 2011 when the company was given permission to use NFL trademarks in its advertising.
While the sponsorship cost about $25 million per year, the company was estimated to have spend more than $150 million per year on NFL-related marketing, the AP said.
Now that its contract has been replaced with Hyundai, this "gives the Korean car maker access to some of the most-viewed sport events in the U.S., such as the Super Bowl and the NFL playoffs," MarketWatch said.
Hyundai will have use of NFL trademarks across various marketing channels, including branded content, advertising and promotional materials. The estimated NFL fan base is at 188 million people, MarketWatch noted.
Separately, the death toll from GM's faulty ignition switches has risen by two to 119. The victims' families will be given at least $1 million in compensation, the AP noted.
Last year, the company recalled about 2.6 million cars, but acknowledge it knew about the switch problems for more than a decade.
In Monday's afternoon trading session, shares are tumbling 2.49% to $33.53.
Separately, TheStreet Ratings team rates GENERAL MOTORS CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate GENERAL MOTORS CO (GM) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its increase in net income, impressive record of earnings per share growth, notable return on equity and largely solid financial position with reasonable debt levels by most measures. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself."