Capital Cities-ABC said its full-year net income...

Capital Cities-ABC said its full-year net income fell 37.6% to $279.1 million from a year earlier. The 1986 results included an extraordinary gain of $280 million from the sale of assets in connection with Capital Cities’ acquisition of American Broadcasting Cos. Revenue for 1987 totaled $4.44 billion, up 8% from a year earlier. The company also noted that operating income from broadcasting rose 31%, while operating income from publishing fell 7%. In addition to the ABC-TV network, the firm operates eight television stations, six radio networks, 21 radio stations and provides cable television programming.