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Capital Cities-ABC will report an operating loss.

Thomas S. Murphy, Capital Cities-ABC’s chairman, told a meeting of securities analysts that the small first-quarter loss will include an extraordinary gain from the sale of assets as part of Capital Cities’ acquisition of ABC. Capital Cities Communications merged with ABC in a $3.5-billion friendly takeover that was completed in January. The company also said it expects to report earnings for all of 1986 of about $7 to $8 a share, compared to $10.87 a share in 1985.


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