CAPITAL CITIES/ABC REPORTS RECORD SECOND QUARTER 1995 EARNINGS.

NEW YORK--(BUSINESS WIRE)--July 24, 1995--Capital Cities/ABC, Inc. earnings for the second quarter of 1995 were announced today by Thomas S. Murphy, Chairman of the Board and Chief Executive Officer. Consolidated net income for the second quarter of 1995 was $208,884,000 compared with $189,488,000 reported for the same period of 1994. Earnings per share for the second quarter of 1995 were $1.36, an increase of 11% from the $1.23 reported in the prior year's comparable quarter. The $1.36 per share represents the largest second quarter earnings ever reported by the Company.

Net revenues for the second quarter of 1995 were $1,648,689,000, an increase of 7% over 1994, with broadcasting operations up 8%. Net revenues for the ABC Television Network, the television stations and the radio operations increased moderately, while ESPN continued to report significant gains. Publishing revenues, excluding the effect of dispositions and start-ups, increased 8%, with the newspaper operations reporting stronger gains than the specialized publications.

Operating income for the second quarter of 1995 was $352,173,000, compared with $342,326,000 reported in 1994. Operating income for the ABC Television Network increased significantly reflecting stronger advertiser demand and modest operating expense increases. Operating income at the television stations declined slightly from the second quarter of 1994. Results for 1994 included a one-time credit from the resolution of a longstanding music license fee dispute. Excluding the effect of this credit, operating income for the television stations increased moderately. ESPN and the radio operations reported moderate earnings growth. Publishing earnings, excluding the effect of dispositions and start-ups, decreased 4%. Substantially higher newsprint expense at the newspapers were partially offset by a moderate increase in earnings at the specialized publications.

The results for the second quarter of 1995 included a substantial increase in interest income due to a greater level of invested cash at higher interest rates. In addition, Other income, net, includes a nonrecurring gain on the sale of the Company's New England newspaper operations.

Consolidated net income for the first six months of 1995 was $366,643,000, compared with $305,569,000 in 1994. Earnings per share for the first six months of 1995 were $2.38, an increase of 20% from the $1.99 reported in 1994.

Net revenues for the first six months of 1995 were $3,255,504,000, an increase of 11% from 1994, with broadcasting up 12%. Net revenues for the ABC Television Network and ESPN increased significantly, while the television and radio stations reported moderate increases. Publishing revenues, excluding the effect of dispositions and start-ups, increased 7%, with the newspaper operations reporting somewhat stronger gains than the specialized publications.

Operating income for the first six months of 1995 was $637,067,000, an increase of 15% over 1994, with broadcasting operations up 17%. Publishing earnings, excluding the effect of dispositions and start-ups, were comparable with last year.

Capital Cities/ABC, Inc. operates the ABC Television Network and eight television stations, the ABC Radio Networks and 21 radio stations, and provides programming for cable television. The Company is engaged in international broadcast/cable services and television program production and distribution. Also, the Company publishes daily and weekly newspapers, shopping guides, various specialized and business periodicals, and books. -0-

                      CAPITAL CITIES/ABC, INC.
               SUMMARY STATEMENT OF CONSOLIDATED INCOME
                (Thousands of Dollars)      (Unaudited)

                          Three Months Ended       Six Months Ended
                         July 2,      July 3,     July 2,     July 3,
                          1995         1994        1995        1994

Net revenues           $1,648,689  $1,538,092    $3,255,504  $2,943,041
Costs and expenses
  Direct operating
   costs                1,252,041   1,152,408     2,529,881   2,301,846
  Depreciation             28,419      27,558        56,441      53,493
  Amortization of
   intangibles             16,056      15,800        32,115      31,614
                        1,296,516   1,195,766     2,618,437   2,386,953

Operating income          352,173     342,326       637,067     556,088

Interest expense          (14,555)    (13,406)      (29,048)    (26,437)
Interest income            17,970       3,406        32,659       7,365
Other income, net          14,996       2,962         9,065       3,753
Income before income
 taxes                    370,584     335,288       649,743     540,769
Income taxes             (161,700)   (145,800)     (283,100)   (235,200)

Net income             $  208,884  $  189,488    $  366,643  $  305,569

Net income per share        $1.36       $1.23         $2.38       $1.99

Average shares (000's)    154,030     154,030       154,045     153,745

                  SUMMARY OF OPERATIONS BY BUSINESS SEGMENT
                     (Thousands of Dollars)   (Unaudited)

Net revenues
  Broadcasting         $1,355,337  $1,257,116    $2,685,141  $2,402,065
  Publishing              293,352     280,976       570,363     540,976
    Total              $1,648,689  $1,538,092    $3,255,504  $2,943,041
Operating income
  Broadcasting         $  321,999  $  307,295    $  588,861  $  504,550
  Publishing               42,643      43,406        73,248      71,074
   Income from operations 364,642     350,701       662,109     575,624
  General corporate
   expense                (12,469)     (8,375)      (25,042)    (19,536)
    Total              $  352,173  $  342,326    $  637,067  $  556,088

CONTACT: Joseph M. Fitzgerald - Vice President, Investor Relations 

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