CapCities to Sell Some Holdings

Capital Cities Communications said today it will sell a $350-million chunk of its media holdings, 53 cable systems, to the Washington Post Co. in preparation for its $3.5-billion merger with American Broadcasting Cos.

Both ABC and CapCities have been selling properties to meet federal restrictions on cross-ownership. The cable purchase, for cash, marks the Post’s first venture into owning cable systems, although it is part owner, with CBS and Rainbow, of four cable sports channels. The 53 systems are located in 15 Midwestern, Western and Southern states.