WTF? The FCC is really becoming a problematic bureaucracy here. No Howard Stern, delaying almost ANYTHING Janet Jackson appears on, and now this?  

From Entertainment Weekly, EW.com:

Post-Janet, Victoria's Secret drops annual TV showcase. The lingerie maker decided shortly after the Super Bowl not to risk criticism of its fashion show anymore by Gary Susman

You won't be seeing a Victoria's Secret fashion show on TV this year, but it's not because consumers are mystified by the lingerie seller's recent choice of grizzled Bob Dylan as pitchman. Rather, you can blame the flimsy brassiere briefly worn by Janet Jackson at the Super Bowl. Ed Razek, the company's chief creative officer, told the Associated Press that the company was dropping its annual telecast to look for other ways to promote the brand, but he acknowledged that the decision was made shortly after Jackson's bra collapsed and prompted an FCC crackdown on broadcast indecency. ''We had to make the decision probably six to eight weeks ago when the heat was on the television networks.'' CBS, which aired the two most recent Victoria's Secret specials, hasn't had anything to say about the dropping of the show, but after having broadcast Jackson's Super Bowl ''wardrobe malfunction,'' the network is probably relieved not to have the headache. Responses to the show have been dwindling ratings (it drew 9.4 million oglers last November) and increasing complaints to the FCC over its flesh quotient. Maybe Victoria's Secret should make it a pay-per-view event; $20 to see the fashion show, or $40 to see it without interspersed footage of Bob Dylan.