Capital Cities/ABC Earnings Rise 63%

Capital Cities/ABC Inc. reported Tuesday that it had a 63% jump in its third-quarter net income on a rise in revenue of nearly 7% from a year earlier.

The media company, which owns the ABC television network and other broadcast and print properties, said it earned $62.6 million during the quarter ended Sept. 30. That was up from $38.4 million in the same period of 1987.

The company reported revenue of nearly $1.01 billion, up from $946.21 billion a year earlier.

Capital Cities/ABC said its broadcasting operations had a 24% rise in income, while income from its publishing operations was flat.

For the first nine months of the year, Capital Cities/ABC said it earned $246.9 million, up from $162.1 million in the same period of 1987.

The company reported nine-month revenue of $3.46 billion, up from $3.03 billion a year earlier.

Capital Cities/ABC said the 1987 and 1988 results reflect reductions in entertainment programming and sports rights at its ABC television network.