Capital Cities-ABC Profits Edge Higher

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.