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CNN Live At Daybreak

Kobe Bryant's Endorsement With Nutella to be Phased Out

Aired August 05, 2003 - 06:43   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.


CAROL COSTELLO, CNN ANCHOR: Time again for a little business buzz. The troubles for Kobe Bryant are mounting, now an endorser is saying game over.
Live to the Nasdaq site and Carrie Lee.

Tell us about it -- Carrie.

CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: OK, Carol.

The maker of Nutella, this is the chocolate spread, says it's going to phase out its endorsement with Kobe Bryant. Now this contract was set to expire in January of 2004. It will still expire then, but the company says that their marketing plans, which were set earlier in the year, did not include a contract renewal for Bryant. So now Bryant's face on those chocolate spread jars will soon be disappearing.

Now of course this isn't the only endorsement Bryant has, he also has a multimillion-dollar sneaker deal with Nike, as well as contracts with Sprite, McDonald's and Spalding. But even before he was charged, marketing experts predicted his assault case could cost him more than $100 million in potential earnings, so quite a bit of money, Carol. Rather incredible that when something happens like this the ripple effects are so severe, $100 million, big penalty for Kobe Bryant.

Back to you.

COSTELLO: Yes, and he could be paying a like amount for his legal bills.

LEE: Exactly, it really adds up.

COSTELLO: Yes. Carrie Lee, live from the Nasdaq site, many thanks.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com






Aired August 5, 2003 - 06:43   ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time again for a little business buzz. The troubles for Kobe Bryant are mounting, now an endorser is saying game over.
Live to the Nasdaq site and Carrie Lee.

Tell us about it -- Carrie.

CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: OK, Carol.

The maker of Nutella, this is the chocolate spread, says it's going to phase out its endorsement with Kobe Bryant. Now this contract was set to expire in January of 2004. It will still expire then, but the company says that their marketing plans, which were set earlier in the year, did not include a contract renewal for Bryant. So now Bryant's face on those chocolate spread jars will soon be disappearing.

Now of course this isn't the only endorsement Bryant has, he also has a multimillion-dollar sneaker deal with Nike, as well as contracts with Sprite, McDonald's and Spalding. But even before he was charged, marketing experts predicted his assault case could cost him more than $100 million in potential earnings, so quite a bit of money, Carol. Rather incredible that when something happens like this the ripple effects are so severe, $100 million, big penalty for Kobe Bryant.

Back to you.

COSTELLO: Yes, and he could be paying a like amount for his legal bills.

LEE: Exactly, it really adds up.

COSTELLO: Yes. Carrie Lee, live from the Nasdaq site, many thanks.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com