You will be redirected back to your article in seconds

ABC blames start-ups for spending losses

In remarks to shareholders at the company’s annual meeting in Fort Worth, Texas, Capital Cities/ABC Inc. president and chief executive Daniel B. Burke said the company has been racking up so-called investment spending losses with a string of new start-up businesses.

The broadcaster had pre-tax investment spending losses of $ 57 million in 1992, and Burke added that investment spending losses in 1993 would “increase by 20%.”

He cited the number of start-up operations launched in 1992 as factors behind the investment spending loss, and pointed to Capital Cities’ plans for global expansion as a reason for the increased spending in 1993. Burke noted that Capital Cities sees a “window of opportunity” for overseas expansion which is open “during this period of conversion from state-owned television to commercial.”

Burke went on to say that “our most important future opportunity lies in expanded television program production and ownership.” He pointed to ABC Prods. as the company’s most significant investment, and the launch of ESPN II toward the end of the year.

In addition, Burke said the company expects investment on start-up publishing businesses “to triple in 1993 and to impact earnings for the year.”

More TV

  • I Am Elizabeth Smart

    TV Review: Lifetime’s ‘I Am Elizabeth Smart’

    In remarks to shareholders at the company’s annual meeting in Fort Worth, Texas, Capital Cities/ABC Inc. president and chief executive Daniel B. Burke said the company has been racking up so-called investment spending losses with a string of new start-up businesses. The broadcaster had pre-tax investment spending losses of $ 57 million in 1992, and […]

  • grace and frankie lisa kudrow

    TV News Roundup: 'Grace and Frankie' Season 4 Sets Netflix Premiere Date

    In remarks to shareholders at the company’s annual meeting in Fort Worth, Texas, Capital Cities/ABC Inc. president and chief executive Daniel B. Burke said the company has been racking up so-called investment spending losses with a string of new start-up businesses. The broadcaster had pre-tax investment spending losses of $ 57 million in 1992, and […]

  • Murray Miller Aurora Perrineau

    'Girls' Writer Murray Miller Accused of Sexual Assault by Actress Aurora Perrineau

    In remarks to shareholders at the company’s annual meeting in Fort Worth, Texas, Capital Cities/ABC Inc. president and chief executive Daniel B. Burke said the company has been racking up so-called investment spending losses with a string of new start-up businesses. The broadcaster had pre-tax investment spending losses of $ 57 million in 1992, and […]

  • 'One Tree Hill' Cast, Crew Detail

    'One Tree Hill' Cast, Crew Detail Assault, Harassment Claims Against Mark Schwahn (EXCLUSIVE)

    In remarks to shareholders at the company’s annual meeting in Fort Worth, Texas, Capital Cities/ABC Inc. president and chief executive Daniel B. Burke said the company has been racking up so-called investment spending losses with a string of new start-up businesses. The broadcaster had pre-tax investment spending losses of $ 57 million in 1992, and […]

  • S.W.A.T., a new drama series inspired

    'SWAT' Picked Up for Full Season, '9JKL' Scores Three Additional Episodes at CBS

    In remarks to shareholders at the company’s annual meeting in Fort Worth, Texas, Capital Cities/ABC Inc. president and chief executive Daniel B. Burke said the company has been racking up so-called investment spending losses with a string of new start-up businesses. The broadcaster had pre-tax investment spending losses of $ 57 million in 1992, and […]

  • Parenthood

    Autism Looms Larger on TV, but Industry Therapy Coverage Falls Short (Opinion)

    In remarks to shareholders at the company’s annual meeting in Fort Worth, Texas, Capital Cities/ABC Inc. president and chief executive Daniel B. Burke said the company has been racking up so-called investment spending losses with a string of new start-up businesses. The broadcaster had pre-tax investment spending losses of $ 57 million in 1992, and […]

  • Diddy, DJ Khaled, Meghan Trainor, Charlie

    Diddy, DJ Khaled, Meghan Trainor, Charlie Walk to Judge Fox's 'The Four'

    In remarks to shareholders at the company’s annual meeting in Fort Worth, Texas, Capital Cities/ABC Inc. president and chief executive Daniel B. Burke said the company has been racking up so-called investment spending losses with a string of new start-up businesses. The broadcaster had pre-tax investment spending losses of $ 57 million in 1992, and […]

More From Our Brands

Access exclusive content