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Volume 24 No. 156
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     ABC:  Cap Cities/ABC reported third quarter net income
dropped 5% on costs related to the Disney merger and settlement
of a lawsuit with Philip Morris.  Excluding those costs, the
broadcaster said net income rose 17%, largely on gains at ABC and
ESPN.  Revenue for the ABC network increased moderately, while
ESPN showed "significant gains," according to the report (WALL
STREET JOURNAL, 10/31).  ABC also renewed its exclusive contract
with America Online for one year.  Questions remain on how Disney
will affect ABC's online presence.  ABC expressed an ongoing
desire to "cross-platform" with other services and said they
would continue to experiment with the Web (BROADCASTING & CABLE,
     CBS:  CBS's earnings "will plummet lower than expected this
year, due primarily to ratings shortfalls," according to SEC
documents filed in conjunction with Westinghouse's acquisition of
the network cited by ELECTRONIC MEDIA.  Diane Mermigas reports
CBS projects income from continuing operations to decline 39%
from $281.6M ($3.74 a share) in '94 to $171.1M ($2.64 a share) in
'95.  The 8% drop in net sales is attributed to the absence of
broadcast rights to the NFL or Olympics.  Some analysts predict
CBS' performance could be worsened by make-goods to advertisers
for poor '95 prime-time ratings (ELECTRONIC MEDIA, 10/30 issue).
     FOX:  Fox's NFL coverage is averaging a 11.6 rating and a 29
share, up 4% from the same point a year ago.  Meanwhile, NBC's
NFL coverage is averaging a 10.2/24, down 14%.  Fox execs
attribute the gap to more competitive NFC games and a strong
performance in major markets such as Dallas.  One NBC
spokesperson noted that the NFC has beaten the AFC for years and
called last year an "extraordinary situation" (Jon Lafayette,
ELECTRONIC MEDIA, 10/30 issue).
     NBC:  Yesterday, NBC and Anheuser-Busch announced their
first international advertising agreement -- a four-year,
multimillion dollar sponsorship of sports and entertainment
programming on NBC's international properties.  The agreement is
effective January '96.  Tony Ponturo, Anheuser-Busch VP/Corporate
Media and Sports Marketing, noted A-B is the first advertiser in
NBC's "Global Bonus Dividend Program" -- which provides sponsors
who participate in the upfront season with coupons redeemable for
airtime on NBCs international properties (NBC/Anheuser-Busch).