Capital Cities-ABC Profits Edge Higher
- Share via
Capital Cities-ABC Inc. reported a profit of $39.8 million for the fourth quarter. That compared to net income of $38.2 million in the same period of 1984.
Capital Cities-ABC posted total revenue of $271.5 million during the quarter, up from $259.5 million a year earlier.
Capital Cities Communications purchased American Broadcasting Cos. in January for $3.5 billion.
For the year, the media conglomerate’s profit was $142.2 million, down slightly from the previous year’s $142.8 million. The 1984 earnings included a one-time gain of $7.6 million from stock sales.
Net revenue increased to $1.02 billion from $939.7 million in 1984.
Annual earnings were reduced by $7.8 million because of costs related to the acquisition of ABC and other properties, but the company also realized $1 billion in revenue from the sale of broadcasting and cable-TV properties mandated by the federal government in approving the ABC merger.
On the year, revenue increased for the company’s broadcasting, cable and publishing divisions.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
