Capital Cities/ABC Inc. reported record revenue and...

Capital Cities/ABC Inc. reported record revenue and earnings for the first quarter of 1988. The New York-based broadcaster said net income rose to $70.3 million from $23.9 million a year earlier. Results for 1988 and 1987 reflect reductions in entertainment programming and sports rights at the ABC television network from historic costs to fair market values recorded in connection with the acquisition of ABC.