LOS ANGELES: US television network NBC has pulled the plug on this weekend's all-singing-and-dancing Golden Globes awards-fest, and expects a consequent sharp drop in advertising revenues.
The glitz of the traditionally star-studded coverage is estimated to generate between $10 million (€6.7m; £5.05m) and $15 million in ad sales.
But this year's Hollywood writers' strike has resulted in a boycott of the ceremony by TV and movie stars reluctant to cross threatened picket lines.
The show is due to be replaced by a live press conference as part of NBC's Sunday night news program when the award winners will be announced.
Also feeling the financial pinch will be cable channels like E!Online and TV Guide Channel which bank on such red carpet events to boost their ad sales.
In addition, they face the possibility that next month's Oscars extravaganza might also be severely affected if the strike is not resolved.
The contracts dispute was begun by the Writers' Guild of America in early November and has paralysed much of US TV and movie production.
Meantime, a disgruntled Jorge Camara, president of the Hollywood Foreign Press Association which awards the Globes, comments: "We are all very disappointed that our traditional awards ceremony will not take place this year and that millions of viewers worldwide will be deprived of seeing many of their favorite stars."
Data sourced from New York Times; additional content by WARC staff
