The world's biggest fast-food chain is ending its four-decade long sponsorship of the Olympic Games three years early. Fred Katayama reports.
The Golden Arches is breaking up with Olympic gold. The International Olympic Committee says McDonald's is ending its four-decade long sponsorship three years early. The world's biggest fast-food chain had a contract running through the 2020 Tokyo summer Olympics. McDonald's said it made the move to focus on what it calls "different priorities". The company is scrambling to woo back diners. It's cutting costs and investing in ways to improve food quality, service, and online ordering. McDonald's shares rising at the start of trading Friday, adding on to their 25 percent gain this year. The IOC says it isn't planning a direct replacement for McDonald's.