Capital Cities/ABC Inc.: The New York-based broadcasting...

Capital Cities/ABC Inc.: The New York-based broadcasting and communications company reported second-quarter profit of $140 million, up 23% over a year ago. Revenue totaled $1.2 billion, a gain of 6%. The results reflected growth in revenue from broadcasting operations, radio and ESPN and publishing, as well as reductions in entertainment programming and sports rights at the ABC television network from historic costs to fair market values.