Capital Cities/ABC

Capital Cities began in 1947 as the Hudson Valley Broadcasting Company. They received their license to broadcast for WROW radio in Albany, New York, and in October 1953 started the Albany-Schenectady-Troy area’s second television station. In 1954 a group of New York City-based investors bought the majority control of Hudson Valley Broadcasting, led by the legendary radio broadcaster and writer Lowell Thomas. In 1960 the company changed its name to Capital Cities Broadcasting.

The company continued to expand throughout the 1960s, 70s and 80s through its acquisitions of other communications outlets, including broadcast and print media. The Thocritical deal came in 1985 when Capital Cities shocked the world of communications by purchasing the mega-giant broadcasting company ABC (American Broadcasting Company) which was actually valued at about four times that of Capital Cities. The acquisition cost $3.5 billion and was financed with the help of Warren Buffet and his company Berkshire Hathaway.

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Thomas S. Murphy

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