Paramount Communications Inc.: The entertainment and publishing...

Paramount Communications Inc.: The entertainment and publishing firm, formerly known as Gulf & Western Inc., reported that second-quarter earnings rose 18% to $65.6 million. Revenue for the period, not including the Associates, the financial services business it is selling, rose 13% to $699 million. The firm said income from continuing operations included record contributions from the entertainment business, due to sharp increases in Paramount Pictures’ operations and gains by Madison Square Garden. This performance was more than offset by losses in Simon & Schuster’s educational publishing business and declines in its consumer and professional information areas.