We bought, we leveraged, we improved. (cover story)

The article comments on how American Broadcasting Co. (ABC) has emerged as one of the world's most powerful communications companies, while National Broadcasting Co. Inc. and CBS Broadcasting Inc. are both for sale. The confidence has been well repaid. Almost a decade has passed since Capital Cities Communications Inc. bought ABC. A year ago businessmen Warren Buffett tendered a third of his Cap Cities/ABC stock back to the company for $630 million. When the smoke cleared, Berkshire Hathaway Inc. had all its cash back plus $100 million, and it still owned 13% of Cap Cities/ ABC, currently worth $1.6 billion.