Just a week after reporting a fourth-quarter loss of $158 million, struggling Emmis Communications said it is pulling the plug on the Labor Day weekend fireworks show it has sponsored for 26 years.

The Indianapolis-based media company said it was unable to find partners to help it fund this year’s SkyConcert, which draws thousands of people to the banks of the White River.

Emmis said it can’t shoulder the entire cost of the fireworks display. It declined to say how much the show costs to produce.

“It’s a very expensive event to put on, and we’ve always made it a free event,” said David Edgar, the company’s radio operations director. “This year, because of the economy, everybody has been having difficulties, and we found it impossible to put together the funding it takes to put on this event.”

Emmis has been trying to cope for years with a sharp downturn in its business. The company has laid off employees, cut salaries and offered early-retirement packages. Things have gotten so tough that Emmis has stopped conducting conference calls to discuss its financial results.

But Emmis’ decision to drop the show, at least until the economy rebounds, is just the latest in a trend. In recent years, companies have been slashing costs and shedding sponsorships.

Marsh Supermarkets recently ended its longtime sponsorship of several features at the Indiana State Fair, including naming rights to the Grandstand, Blue Ribbon Pavilion and the Agriculture-Horticulture Building. RCA ended its sponsorship of the Indianapolis Tennis Championship. Methodist Medical Group ended its sponsorship of the Circle of Lights celebration. SBC pulled its sponsorship of the Indianapolis Symphony Orchestra’s “Yuletide Celebration.”

Some Downtown groups said they were disappointed by Emmis’ decision but understood the economic realities.

“It’s just very, very difficult to secure partnerships and sponsors in this economic climate,” said Julia Watson, a vice president at Indianapolis Downtown Inc.

Another large fireworks show, the Freedom Blast on July 4, will go on as usual. Its sponsor, Regions Bank, said the 39-year Downtown tradition is in no danger of being cut. The show launches fireworks from the One Indiana Square Building.

“It’s an important way to celebrate summer,” said Kim Borgess, area marketing manager for Regions Bank in Indianapolis. “In light of the tough times, we think people want to celebrate the basics.”