Final answer:
Companies prefer sponsorship arrangements for buying advertising time because sponsorship allows companies to capitalize on the prestige of a high-quality program and is relatively inexpensive, although it gives the advertiser less control over the placement and length of its commercials.
Step-by-step explanation:
Companies prefer sponsorship arrangements for buying advertising time because sponsorship allows companies to capitalize on the prestige of a high-quality program and is relatively inexpensive. Additionally, it gives the advertiser less control over the placement and the length of its commercials and means the advertiser can run more commercials per hour since time regulations do not apply.