COMPANY TOWN ANNEX
From Times Staff and Wire Reports
Capital Cities/ABC Buys Back 1.1 Million Shares: The media company said it agreed to pay $693 million for 1.1 million shares of its stock, under terms of its buy-back offer. One major shareholder, investment and holding company Berkshire Hathaway Inc., cut its stake to 13% from 18%. Berkshire Hathaway, 41.6% controlled by billionaire investor Warren Buffett, offered to sell 1 million of its 3 million shares as a block last month, when Cap Cities offered between $590 and $630 a share for up to 2 million shares. The stock fell $7.50 to $630 a share on the NYSE.
