Victoria’s Secret is going back into the closet, so to speak. Or, better, the undie drawer.
  Limited Brands, the company that owns Victoria’s Secret, is canceling its annual November fashion show on CBS.
  The reason: Fear of a moral backlash in this new era of decency following Janet Jackson's boobing of America on Super Bowl Sunday.
   The agreement to cancel the show was reached jointly by Limited and CBS, reportedly after it became apparent that the furor over the Jackson incident, which aired on CBS, was not dying down.
   But certainly what has made the decision a little less painful for Limited is that the highly publicized, and indeed expensive show, has been steadily declining in popularity.
   Last year’s show was the lowest-rated in the three years since it came to broadcast television, where it first debuted on ABC. 
   Airing at 10 p.m. Nov. 19 last year, the show averaged a mere 9.44 million viewers.
   It was trounced by time slot competitors “The Bachelor” on ABC (18.62 million viewers) and “Law & Order” on NBC (17.53 million). The show registered a mere 3.3 adults 18-49 rating, tying for No. 39 for the week.
   In its first year the show was more popular. ABC attracted 12.4 million viewers despite the unfavorable Thursday 9 p.m. time slot opposite CBS and NBC’s strong lineups.
   But that show also sparked complaints to the Federal Communications Commission, and ABC dropped the show even after the FCC ruled there had been no indecency.
  It has also drawn the ire of the People for the Ethical Treatment of Animals and National Organization for Women over the years.
   In its first year on CBS, the show averaged 10.5 million viewers, less than half the crowd that watched the competing “Bachelor” season finale on ABC. The production costs reportedly ran CBS several million dollars.
   There’s been immediate speculation that, should Limited Brands decide to bring the show back, it could do so on cable, though it seems doubtful most networks would want that price tag.
   The show also certainly could resurface on broadcast next year, after the indecency debate has quieted, or it could move to a pay-per-view format. Truly dedicated Victoria's Secret watchers might pay; when the first show was simulcast on the internet in 1999, 1.5 million people tried to log on, crashing the site.
   In explaining its decision to cancel this year's show, Limited says it will funnel more money into marketing of its stores and products.