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AFAIK a 4K TV can still play anything from a standard DVD or Blu Ray but not the other way around, not a big deal since there would be no benefit of playing 4K content on a lesser resolution set.
As for the black bars on the sides that is completely normal and correct when playing 4:3 content on a 16:9 or wider set, anything made before Wide Screen was adopted is going to have this, most 16:9 sets can stretch it to fill the screen but it looks awful.
Charlie Brown Christmas was made in 1965 so it's in the 4:3 format.
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