NEW YORK (CNN/Money) - Anheuser-Busch is pulling an advertisement planned for this year's Super Bowl that would have poked fun at last year's infamous "wardrobe malfunction" that exposed Janet Jackson's breast during the halftime show, according to a published report.

The Wall Street Journal reported Wednesday that the ad would have shown a stagehand using Jackson's outfit to open a slippery bottle of Bud Light, causing it to tear. He tries to fix it using scotch tape.

The newspaper said the halftime show is not shown in the ad. Instead, it shows the stagehand watching the show on television as the crowd reacts and a game announcer chimes in: "Wow, that's something you don't see every day."

But the newspaper says Anheuser-Busch (Research) pulled the ad after consultation with both the National Football League, which denounced last year's halftime show, and Fox, which is broadcasting this year's game Feb. 6.

"Why take the risk? All you need is one person to be offended," Bob Lachky, an Anheuser-Busch vice president, told the newspaper. "Some people don't want to be reminded of the incident."

The Federal Communication Commission imposed a $550,000 fine on Viacom (Research), which owns CBS, the broadcaster of last year's game. The company is fighting that fine.

Still, Budweiser hasn't stepped away from the commercial altogether. It has it posted on its Web site, under the heading "Exclusive, watch the ad you won't see during the big game."

The ad is not the first to be pulled from this year's game due to sensitivity about offending viewers following last year's halftime show. Fox blocked an ad from Airborne, a natural cold remedy, that would have briefly shown 84-year old actor Mickey Rooney's posterior.

The newspaper reports that Fox has even changed the name of its cable hit from "The Best Damn Sports Show Period" to "The Best Darn Super Bowl Road Show Period," as the show makes a special broadcast appearance.