August 1, 1995 |
Thomas S. Murphy is known for his corporate parsimoniousness. The guy is so stingy that when he set about sprucing up his first property at Capital Cities, a ramshackle New York television station in a century-old building, he painted only the two sides that faced the road. Now Murphy, corporate cost-cutter extraordinaire, is turning over the $6.4-billion company he has shepherded for more than three decades to Walt Disney Co. in a $19-billion merger.
August 1, 1995 |
Despite their extraordinary achievements, both Walt Disney Co. and Capital Cities/ABC Inc. have been plagued by concerns about management succession. Who, critics wondered, was being groomed to replace the legendary Thomas S. Murphy as head of Cap Cities? What executive could step into the shoes of Disney's intense chairman, Michael D. Eisner, given the vacuum created by the tragic death of Disney President Frank Wells and the departure of studio chief Jeffrey Katzenberg?
October 23, 1987 |
Despite Monday's spectacular collapse of the stock market, all will be well for Capital Cities/ABC Inc. if the market settles down, Thomas S. Murphy, the company's chairman, said Thursday. On Monday, ABC's stock fell 32 points--an 8.2% drop. It dropped another 13 points Tuesday but climbed 12 1/2 points Wednesday. "I would think that if the market stabilizes the way it is now, it (the collapse) will have no impact," he told a news conference held for visiting TV writers at the Waldorf-Astoria.
July 13, 1988 |
While Hollywood is the main battlefield in the writers strike, writers and producers acknowledge that three New Yorkers--the chief executives of the three major television networks--wield enormous power in the dispute. To date, ABC, CBS and NBC have backed the Alliance of Motion Picture and Television Producers despite the likely devastation of their fall prime-time schedules.
April 23, 1990 |
One of the most common refrains heard in savvy media circles is how the three television networks are "dinosaurs," hanging on for dear life in the face of declining market shares. So investors might have been a little confused when they saw Capital Cities/ABC Inc. jump $15 a share last week to close at $568, coming within a whisker of its previous 52-week high. Suddenly the market has something it hasn't seen since a mastodon fell into the La Brea Tar Pits: A hot network stock.
April 18, 1985 |
Elton Rule agrees with Irving Berlin's musical dictum "There's no business like show business." The problem is, as takeover fever hits the television industry, not to throw out the show when acquiring the business. Rule, former president of ABC Inc.--soon to be Capital Cities/ABC Inc.