McDonald's And The Olympics End Partnership

McDonald's Corp. and the International Olympic Committee have ended their partnership, the IOC announced in a release on Friday. The statement said the two organizations mutually agreed on the break, though the financial terms are confidential. "In today's rapidly evolving business landscape, we understand that McDonald's is looking to focus on different business priorities," the IOC said in a statement. McDonald's will continue to sponsor the Winter Olympics in 2018, with marketing rights in PyeongChang, South Korea and operations including restaurants. The IOC says it has no plans to replace the retail food sponsorship. Other companies that have ended their partnerships with the Olympics include Budweiser, an Anheuser-Busch InBev S.A. brand , Citi , and Hilton , according to AdWeek. McDonald's shares are down 0.6% in Friday premarket trading, but up 24.2% for the year to date. The S&P 500 index is up 8.7% for 2017 so far.