Paramount Communications Inc.: The New York-based entertainment...

Paramount Communications Inc.: The New York-based entertainment conglomerate reported fiscal 1989 profit of $1.47 billion, up sharply from $385 million a year ago, largely due to a $1.2-billion gain on the sale of its Associates First Capital Corp. finance unit to a Ford Motor Co. subsidiary. Revenue excluding the Associates sale totaled $3.4 billion, up 10%. The firm, which changed its name from Gulf & Western Industries Inc., also took a $48-million charge for costs incurred in its failed bid for Time Inc.