Turner Broadcasting Posts $2.4-Million Quarterly Net
Turner Broadcasting System reported a $2.4-million profit for the third quarter of 1985, but Ted Turner’s communication empire showed a $5-million loss for the first nine months of the year.
Turner Broadcasting reported that it sold its common stock in CBS Inc., an unsuccessful Turner takeover target, for a net gain of $1.7 million. Considering legal and other costs and tax benefits, the company said the CBS transaction resulted in an extraordinary gain of $627,000 in the quarter ended Sept. 30.
In the third quarter, TBS reported earnings of $2.4 million on revenue of $92.7 million. In the same period of 1984, the company earned $5.3 million on revenue of $77.7 million.
For the nine-month period, TBS reported losing $5 million on revenue of $259.4 million. In the comparable period a year earlier, the company earned $8.1 million on revenue of $210.6 million.
For detailed data and results of other companies, please see tables, Page 11.
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