Yes, the whole "AT&T Drops Tiger Woods Like It Drops Calls" joke was obvious and unoriginal. But low hanging fruit is a blogger's best friend.
AT&T chose Dec. 31, the day before a holiday, to announce that it will no longer sponsor the world's top golfer, presumably to avoid a media storm. But this comes as no surprise, as the company had been silent on whether it was standing by the golfer after widespread reports of his infidelity.
The bigger question is what will happen to the sponsorship of the AT&T National, the tournament that Tiger Woods hosts. It appears that the company is retaining the sponsorship of the event for now, and that makes perfect sense. While Woods' public relations problems might devalue the tournament a bit, sponsoring a golfer and sponsoring a tournament are two different animals. By sponsoring a tournament, AT&T gets to do a lot of corporate hospitality and its name and logo are emblazoned everywhere, regardless of whether Woods is even present. Remember, he didn't even play in the event two years ago because he was hurt, and AT&T still got some good play. Keep in mind, too, that AT&T probably signed a contract with the Tiger Woods Foundation that can't simply be broken at will. AT&T's contract with Woods personally may have had included a morality clause, giving AT&T the right to get out. But it's unclear on what grounds AT&T could back out of the tournament deal.