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Fitch Comments on Non-Renewal of Disney-Pixar Relationship.
Business Editors
NEW YORK--(BUSINESS WIRE)--Jan. 30, 2004
Chicago-January 30, 2004: Fitch Ratings views Disney's failure to renew the distribution and profit-sharing agreement with Pixar as a credit concern. While recognizing that credit metrics will not likely be materially affected through fiscal-year (FY) 2006, the non-renewal of the Pixar relationship reinforces Fitch's Negative Rating Outlook. The Rating Outlook reflects Disney's below-average credit metrics and the continuing challenges faced by the company. Fitch presently rates Disney's long-term debt 'BBB+'. Fitch will continue to monitor developments with Disney for their credit impact.
On Jan. 29, 2004, Pixar ended discussions with Disney regarding the extension of its movie distribution and profit-sharing contract. The existing contract expires after the delivery of the final film which is scheduled for late 2005 (FY2006). The loss of the associated earnings from future Pixar releases is potentially significant for Disney's studio business, but less so within the scope of the company's consolidated operations. While the ...
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