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

Capital Cities/ABC Inc.: The New York-based media company reported third-quarter profit of $80.8 million, an increase of 29% over a year ago. Revenue totaled $1.1 billion, up 9%, with the broadcasting operations recording an 11% gain in revenue. Stronger advertising demand was credited for the improvement. Results also reflect reductions in entertainment programming and sports rights at the ABC Television Network from historic costs to fair-market values recorded in connection with ABC’s acquisition.