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NEW YORK (TheStreet) -- The Walt Disney Co.'s (DIS) - Get Free ReportABC network extended its contract to broadcast the Academy of Motion Picture Arts and Sciences' Oscars awards through 2028 on Wednesday, according to a company statement.

The current contract was set to expire in 2020.

"With this new landmark agreement, ABC is proud to showcase the Oscars all the way to their centennial celebration in 2028," Disney's ABC Television Group President Ben Sherwood said in a statement.

ABC has broadcast the Academy Awards more than 50 times.

In 2016, television ratings for the Oscars fell about 8% year-over-year to 34.3 million viewers, the lowest-rated ceremony in eight years, the New York Times reported.

Shares of Burbank, CA-based entertainment giant Disney were down in mid-afternoon trading on Wednesday.

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings rated this stock as a "buy" with a ratings score of A-.

The company's strengths can be seen in multiple areas, such as its growth in earnings per share, revenue growth, notable return on equity, expanding profit margins and good cash flow from operations. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself.

You can view the full analysis from the report here: DIS

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