updated 12/23/2008 4:12:26 PM ET 2008-12-23T21:12:26

Saying "times have changed," FedEx Corp. announced it will not advertise during Super Bowl 43, set for Tampa Bay, Fla., on Feb. 1.

FedEx has run ads during the Super Bowl broadcast for the past 12 years and has had an advertising presence in 18 Super Bowls since 1989. In a posting on the company's web site Monday, director of advertising Steve Pacheco said, "there is a time to justify such an ad spend and a time to step back."

Some Super Bowl ad slots go for as much as $3 million.

On Thursday FedEx said it will cut the compensation of its top executives, and freeze 401(k) contributions for a year, among other cost-saving measures, because of the weakening global economy.

"We look very forward to the time when it makes sense for FedEx to advertise in the Super Bowl again," said Pacheco. "For now, it's just time for us to call a time out."

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