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Capital Cities Abc Inc/NY – ‘10-K’ for 12/31/94 – EX-99.A

As of: Wednesday, 3/29/95 · For: 12/31/94 · Accession #: 950130-95-586 · File #: 1-04278

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 3/29/95  Capital Cities Abc Inc/NY         10-K       12/31/94    6:259K                                   Donnelley R R & S… 02/FA

Annual Report — Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                         20    117K 
 2: EX-13       Annual Report                                         48    239K 
 3: EX-21       Subsidiaries of Company                                5     21K 
 4: EX-27       Art. 5 Financial Data Schedule for 1994 10-K           2      9K 
 5: EX-99.A     Form 11-K for the Company                             23     69K 
 6: EX-99.B     Undertakings                                           2±     8K

EX-99.A — Form 11-K for the Company
Exhibit Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Assets Held for Investment
1	1st Page - Filing Submission
4	Item 27(a) -. Assets Held for Investment

EX-99.A 1st Page of 23 TOC ↑Top Previous Next ↓Bottom Just 1st
 
                                                                 Exhibit (99)(a)

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 11-K 
ANNUAL REPORT 
PURSUANT TO SECTION 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934 

[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES                   
EXCHANGE ACT OF 1934                                                    
For the fiscal year ended December 31, 1994.                            
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES               
EXCHANGE ACT OF 1934                                                    
For the transition period from ____________ to ____________             

Commission file number 1-4278                                           

A.  Full title of the plan and the address of the plan, if different from that  
of the issuer named below:                                              

CAPITAL CITIES/ABC, INC. SAVINGS & INVESTMENT PLAN

B.  Name of issuer of the securities held pursuant to the plan and the address  
of its principal executive office:                                      

CAPITAL CITIES/ABC, INC.
77 West 66 Street 
New York, New York 10023

EX-99.A 2nd Page of 23 TOC 1st Previous Next ↓Bottom Just 2nd
S I G N A T U R E S 

Pursuant to the requirements of the Securities Exchange Act of 1934, the        
trustees (or other persons who administer the Plan) have duly caused this annual
report to be signed on its behalf by the undersigned hereunto duly authorized.  

                              Capital Cities/ABC, Inc. Savings & Investment Plan

Date: March 17, 1995        __________________________________                  

          David J. Vondrak, a member
          of the Employee Benefits Committee

EX-99.A 3rd Page of 23 TOC 1st Previous Next ↓Bottom Just 3rd
CAPITAL CITIES/ABC, INC. SAVINGS & INVESTMENT PLAN

FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES 

YEARS ENDED DECEMBER 31, 1994 AND 1993

(WITH REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS THEREON)

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CAPITAL CITIES/ABC, INC. SAVINGS & INVESTMENT PLAN

Index to Financial Statements 

Report of Ernst & Young LLP, Independent Auditors                               

Statements of Financial Condition as of                                         
December 31, 1994 and 1993                                                      

Statements of Income and Changes in Plan Equity                                 
for the years ended December 31, 1994 and 1993                                  

Notes to Financial Statements                                                   

Supplemental Schedules:                                                         
-----------------------                                                         

Item 27(a) - Assets Held for Investment                                         

Single Transactions in Excess of 5% of the Current Value of Plan Assets         

Series of Transactions in Excess of 5% of the Current Value of Plan Assets      

Exhibit:                                                                        
--------                                                                        

Consent of Ernst & Young LLP                                                    

There were no party-in-interest transactions which are prohibited by ERISA      
section 406 and for which there is no statutory or administrative exemption.    

EX-99.A 5th Page of 23 TOC 1st Previous Next ↓Bottom Just 5th
REPORT OF ERNST & YOUNG LLP INDEPENDENT AUDITORS

The Board of Directors                                                          
Capital Cities/ABC, Inc.                                                        

We have audited the accompanying statements of financial condition of the       
Capital Cities/ABC, Inc. Savings & Investment Plan (the Plan) as of December 31,
1994 and 1993, and the related statements of income and changes in plan equity  
for each of the two years in the period ended December 31, 1994. These financial
statements are the responsibility of the Plan's management. Our responsibility  
is to express an opinion on these financial statements based on our audits.     

We conducted our audits in accordance with generally accepted auditing          
standards. Those standards require that we plan and perform the audit to obtain 
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting 
the amounts and disclosures in the financial statements. An audit also includes 
assessing the accounting principles used and significant estimates made by      
management, as well as evaluating the overall financial statement presentation. 
We believe that our audits provide a reasonable basis for our opinion.          

In our opinion, the financial statements referred to above present fairly, in   
all material respects, the financial condition of the Plan at December 31, 1994 
and 1993, and the results of its operations and changes in its plan equity for  
each of the two years in the period ended December 31, 1994, in conformity with 
generally accepted accounting principles.                                       

Our audits were made for the purpose of forming an opinion on the financial     
statements taken as a whole.  The accompanying supplemental schedules of assets 
held for investment as of December 31, 1994 and reportable transactions in      
excess of 5% of the current value of plan assets for the year then ended, are   
presented for purposes of complying with the Department of Labor's Rules and    
Regulations for Reporting and Disclosure under the Employee Retirement Income   
Security Act of 1974, and are not a required part of the financial statements.  
The supplemental schedules have been subjected to the auditing procedures       
applied in our audit of the 1994 financial statements and, in our opinion, are  
fairly stated in all material respects in relation to the 1994 financial        
statements taken as a whole.                                                    

                           ERNST & YOUNG LLP

New York, New York                                                              
March 17, 1995                                                                  

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CAPITAL CITIES/ABC, INC. SAVINGS & INVESTMENT PLAN

STATEMENTS OF FINANCIAL CONDITION 

DECEMBER 31, 1994 AND 1993

                                                                [Download Table]


ASSETS                                                1994          1993    
------                                            ------------  ------------
                                                                            

Investments, at market:                                                     

  Fidelity Management Trust Company                                         
    Common Trust Funds:                                                     

  Capital Cities/ABC, Inc. Common Stock Fund                                
    (cost of $178,911,112 and $138,594,027                                  
    in 1994 and 1993, respectively)               $404,971,567  $279,231,572
  Fidelity Asset Manager (cost: $50,086,655)        47,562,305             -
  Fidelity Retirement Money Market Portfolio                                
    (cost: $37,572,634)                             37,572,634             -
  Fidelity Magellan Fund (cost: $31,687,157)        32,080,436              
  Fidelity Growth & Income Portfolio                                        
    (cost: $24,720,813)                             24,232,136              
  Fidelity Institutional Short-Intermediate                                 
    Government Portfolio (cost: $10,481,785)        10,331,956              

  Equity Securities (cost: $37,050,924)                      -    42,377,131

  Other investments:                                                        
  Bankers Trust Pyramid Directed Account                                    
    Cash Fund                                                -     3,797,926
  Funds on deposit with insurance companies                  -   113,629,385
                                                  ------------  ------------

        Total investments                          556,751,034   439,036,014
                                                  ------------  ------------

Participant loans                                   11,620,340     9,093,543
Interest and dividends receivable                            -       305,971
Due from Capital Cities/ABC, Inc.                    4,102,393     2,260,057
                                                  ------------  ------------

        TOTAL ASSETS                              $572,473,767  $450,695,585
                                                  ============  ============

LIABILITIES AND PLAN EQUITY                                                 
---------------------------                                                 

Due to terminated and withdrawing participants    $          -  $  4,983,927
Payables for purchases of investments                        -       458,865
Plan equity                                        572,473,767   445,252,793
                                                  ------------  ------------

        TOTAL LIABILITIES AND PLAN EQUITY         $572,473,767  $450,695,585
                                                  ============  ============


See accompanying notes to financial statements.                                 

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CAPITAL CITIES/ABC, INC. SAVINGS & INVESTMENT PLAN

STATEMENTS OF INCOME AND
CHANGES IN PLAN EQUITY

YEARS ENDED DECEMBER 31, 1994 AND 1993

                                                                [Download Table]


                                               1994          1993    
                                           ------------  ------------
                                                                     

Dividend and interest income               $  6,770,557  $  8,682,497

Net gain on sales of investments             29,299,005    14,817,760

Net increase in unrealized appreciation                              
  of plan assets held at year end            77,327,126    45,286,295
                                           ------------  ------------

                                            113,396,688    68,786,552
                                           ------------  ------------

Contributions:                                                       
  Participants                               29,399,107    25,143,822
  Employer                                   11,889,585    11,198,503
                                           ------------  ------------
    Total contributions                      41,288,692    36,342,325
                                           ------------  ------------

Interest on participant loans                   568,154       565,127
                                           ------------  ------------

    Total                                   155,253,534   105,694,004
                                           ------------  ------------

Distributions to terminated and                                      
  withdrawing participants                   27,907,619    34,531,592

Administrative expenses                         124,941       232,642
                                           ------------  ------------

        Change in plan equity               127,220,974    70,929,770
                                           ------------  ------------

Plan equity:                                                         
  Beginning of year                         445,252,793   374,323,023
                                           ------------  ------------

  END OF YEAR                              $572,473,767  $445,252,793
                                           ============  ============


See accompanying notes to financial statements.                                 

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CAPITAL CITIES/ABC, INC. SAVINGS & INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS 

DECEMBER 31, 1994 AND 1993

(1)  Description of Plan                                                        
-------------------                                                   

Capital Cities/ABC, Inc. Savings & Investment Plan (the "Plan") is an employee  
savings and investment plan for participating employees of American Broadcasting
Companies, Inc. (ABC) (an indirect wholly owned subsidiary of Capital           
Cities/ABC) and those other subsidiaries and divisions of Capital Cities/ABC    
which were previously a part of, or affiliates of ABC. Individuals who became   
employees of the corporate and other broadcasting properties of Capital         
Cities/ABC subsequent to 1988 are eligible to participate in the Plan. In       
addition, approximately 5,000 employees of certain properties within Capital    
Cities/ABC's Publishing Group are eligible to participate in the Plan.          

Under the Plan, eligible employees may authorize payroll deductions of either 1,
2, 3, 4 or 5% of their annual compensation to be invested in one or more of six 
funds. Such contributions may be in the form of regular after-tax contributions,
or tax deferred contributions. Capital Cities/ABC will contribute an amount     
equal to 50% of such deductions, such amount to be invested in the fund         
consisting of Capital Cities/ABC, Inc. common stock.  In addition, an employee  
may also authorize unmatched payroll deductions within specified limits to be   
invested in one or more of the funds described herein.  Under the Employee      
Retirement Income Security Act of 1974 ("ERISA"), annual additions to a         
participant's account (consisting of combined employee and employer-matched     
contributions) cannot exceed the lesser of $30,000 or 25% of compensation, as   
defined.  In 1994 and 1993, the IRS-imposed limitation on tax deferred          
contributions made by employees was $9,240 and $8,994, respectively.            
Participants are immediately vested with respect to their own contributions.    
Until December 31, 1994, participants with less than 5 years of service vest    
with respect to employer contributions over a three-year period, one-third each 
year.  Effective January 1, 1995, matching employer contributions credited to   
participants' accounts will vest as follows: (a) 50% at the end of the Plan year
for which the contributions were made; and (b) an additional 50% at the end of  
the Plan year immediately following the Plan year for which contributions were  
made.  Upon death, permanent disability, retirement or termination of service   
after age 65, a participant's account is considered fully vested.               

The Plan permits the Employee Benefits Committee to postpone distributions of a 
member's account in instances where a member's termination of services arises   
out of a change in ownership of stock or all or part of the assets of a member's
employing unit and such member is reemployed by the acquiring entity, if such   
termination is not deemed a "separation from service" within the meaning of the 
applicable income tax rulings or regulations. In such instances the Employee    
Benefits Committee may postpone the distribution until such distribution may be 
accomplished without adverse income tax consequences to the member or to the    
Plan or may allow a transfer to another qualified plan or allow a permissible   
tax-free rollover.                                                              

Through May 31, 1994, Bankers Trust was the trustee of the Plan.  Effective June
1, 1994, the Company entered into a new trust agreement with Fidelity Management
Trust Company and its affiliates (collectively, "Fidelity" or the "Trustee") to 
serve as trustee, investment manager, and recordkeeper of the Plan and its      
related trust.  In connection with such change in trustee, in June 1994, all    
investments held by Bankers Trust were transferred to and reinvested in the     
investment funds provided by Fidelity.                                          

-1- 

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CAPITAL CITIES/ABC, INC. SAVINGS & INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS 

DECEMBER 31, 1994 AND 1993

(1)  Description of Plan (Continued)                                            
-------------------                                                   

The above description of the Plan provides only general information.            
Participants should refer to the Plan agreement for a more complete description 
of the Plan provisions and investment options.                                  

(2)  Summary of Significant Accounting Policies                                 
------------------------------------------                            

Certain prior year amounts have been reclassified to conform with the current   
period's presentation.                                                          

The accompanying financial statements present plan equity and changes therein of
the Plan on an accrual basis.  Effective June 1, 1994, participants may         
contribute in any one or a combination of the following six investment options: 

Capital Cities/ABC, Inc. Common Stock Fund - This fund consists of Capital      
Cities/ABC, Inc. common stock which is valued at current market value.  The     
Fund's returns are governed by the performance of the Company's common stock.   

Fidelity Asset Manager - This fund consists of a neutral mix of stocks, bonds   
and short-term investments of both U.S. and foreign corporations and            
governments.                                                                    

Fidelity Retirement Money Market Portfolio - This fund invests in short-term    
money market instruments, such as bank certificates of deposit, issued by both  
U.S. and foreign banks, insurance companies and government agencies.            

Fidelity Magellan Fund - This fund invests in stocks of both U.S. and foreign   
companies.  These investments may be in large corporations as well as smaller,  
less well-known companies.                                                      

Fidelity Growth & Income Portfolio - This option invests in stocks, bonds and   
short-term investments of U.S. and foreign companies that offer growth potential
while paying dividends.                                                         

Fidelity Institutional Short-Intermediate Government Portfolio - This option    
invests in government-issued investments maturing in a short to intermediate    
length of time, usually three to five years.                                    

All investments in Fidelity mutual funds are valued at the last reported sales  
price on the last business day of the year.                                     

Prior to June 1, 1994, participants contributed to any one or a combination of  
the following three funds:                                                      

Capital Cities/ABC, Inc. Common Stock Fund - This fund held all investments made
in the common stock of the Company and was valued at current market value.      

Diversified Equity Fund - This fund consisted of equity securities and          
convertible debentures of companies other than Capital Cities/ABC.  The market  
value of the equity investments was based on year-end stock quotations from the 
New York Stock Exchange.                                                        

-2- 

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CAPITAL CITIES/ABC, INC. SAVINGS & INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS 

DECEMBER 31, 1994 AND 1993

(2)  Summary of Significant Accounting Policies (Continued)                     
------------------------------------------                            

Fixed Interest Fund - This fund consisted of funds on deposit with insurance    
companies under contracts which provided a fixed annual rate of interest. The   
Fixed Interest Fund was valued at the contracts' carrying amounts.              

Realized gains and losses on sales of securities are accounted for on a weighted
average cost basis. Purchases and sales are recorded on a trade date basis.     
Dividend income is accrued on the ex-dividend date.  Interest income is recorded
on an accrual basis as earned.                                                  

Distributions to terminated and withdrawing participants are based upon the     
market value of units and/or shares credited to participants' accounts as of the
effective date of withdrawal.                                                   

Employer contributions are reported net of forfeitures of $81,050 and $254,154  
for 1994 and 1993, respectively.                                                

Participant accounts are maintained on a unit basis as determined by the Trustee
(See Administration of the Plan below).  The per unit values for each investment
--------------------------                                            
fund were as follows:                                                           

                                                                [Download Table]

                                              December 31, 
                                               1994   1993 
                                              ------  -----
                                                           
Capital Cities/ABC, Inc. Common Stock Fund    $11.79      *
Fidelity Asset Manager                         14.33  $   -
Fidelity Retirement Money Market Portfolio      1.08      -
Fidelity Magellan Fund                         68.16      -
Fidelity Growth & Income Portfolio             21.47      -
Fidelity Institutional Short-Intermediate                  
 Government Portfolio                           9.32      -
Diversified Equity Fund                            -   7.20
Fixed Interest Fund                                -   4.49

 *   During 1993, the value of a participant's account was determined based upon
the share value of the Capital Cities/ABC, Inc. Common Stock Fund.  At December 
31, 1993, there were 450,737 shares (prior to the Company's ten-for-one stock   
split in June 1994) of the Company's stock in the fund.                         

(3)  Administrative Expenses                                                    
-----------------------                                               

Effective June 1, 1994, brokerage commissions and stock transfer taxes in       
connection with the purchase and sale of securities are absorbed within the net 
asset value of each investment fund on each business day.  All other costs and  
expenses incurred in connection with the administration of the Plan not paid by 
the Company will be charged to the participants' accounts.                      

Prior to June 1, 1994, costs incurred specifically by the Plan were paid        
directly from funds of the Plan.                                                

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CAPITAL CITIES/ABC, INC. SAVINGS & INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS 

DECEMBER 31, 1994 AND 1993

(4)  Investments                                                                
-----------                                                           

Participants direct their individual accounts to be invested among the six      
Fidelity funds offered by the Plan.  Financial information relating to the      
Plan's equity and changes therein for the years ended December 31, 1994 and 1993
is as follows:                                                                  

Combining Statement of Financial Condition
------------------------------------------
December 31, 1994 
----------------- 

                                                        [Enlarge/Download Table]


                                                                             Retirement  
                                                  Capital                       Money    
                                     Total       Cities/ABC       Asset        Market    
ASSETS                               Funds       Stock Fund      Manager      Portfolio  
------                            ------------  ------------   -----------   ----------- 
                                                                                         

Investments                       $556,751,034  $404,971,567*  $47,562,305*  $37,572,634*

Participant loans                   11,620,340     7,390,980     1,091,400     2,884,268 

Due from Capital Cities/ABC, Inc.    4,102,393     2,204,982       625,943       276,075 
                                  ------------  ------------   -----------   ----------- 

    TOTAL ASSETS                  $572,473,767  $414,567,529   $49,279,648   $40,732,977 
                                  ============  ============   ===========   =========== 

PLAN EQUITY                                                                              
-----------                                                                              

Plan equity                       $572,473,767  $414,567,529   $49,279,648   $40,732,977 
                                  ------------  ------------   -----------   ----------- 

    TOTAL PLAN EQUITY             $572,473,767  $414,567,529   $49,279,648   $40,732,977 
                                  ============  ============   ===========   =========== 


* Individual investment representing 5% or more of the Plan's net assets.       

                                                        (Continued on next page)

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CAPITAL CITIES/ABC, INC. SAVINGS & INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS 

DECEMBER 31, 1994 AND 1993

(4)  Investments (continued)                                                    
-----------                                                           

Combining Statement of Financial Condition
------------------------------------------
December 31, 1994 
----------------- 

                                                                [Download Table]


                                                                  Institutional
                                                                      Short    
                                                      Growth &    Intermediate 
                                      Magellan         Income      Government  
ASSETS                                  Fund          Portfolio     Portfolio  
------                               -----------     -----------  -------------
                                                                               

Investments                          $32,080,436*    $24,232,136    $10,331,956

Participant loans                        126,694          76,904         50,094

Due from Capital Cities/ABC, Inc.        528,213         361,813        105,367
                                     -----------     -----------  -------------

    TOTAL ASSETS                     $32,735,343     $24,670,853    $10,487,417
                                     ===========     ===========  =============

PLAN EQUITY                                                                    
-----------                                                                    

Plan equity                          $32,735,343     $24,670,853    $10,487,417
                                     -----------     -----------  -------------

    TOTAL PLAN EQUITY                $32,735,343     $24,670,853    $10,487,417
                                     ===========     ===========  =============


* Individual investment representing 5% or more of the Plan's net assets.       

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CAPITAL CITIES/ABC, INC. SAVINGS & INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS 

DECEMBER 31, 1994 AND 1993

(4)  Investments (continued)                                                    
-----------                                                           

Combining Statements of Income and Changes in Plan Equity 
--------------------------------------------------------- 
December 31, 1994 
----------------- 

                                                        [Enlarge/Download Table]


                                                                            Capital                 
                                            Diversified       Fixed        Cities/ABC               
                                Total         Equity         Interest        Common        Asset    
                                Funds          Fund            Fund        Stock Fund     Manager   
                             ------------  -------------  --------------  ------------  ------------
                                                                                                    

Dividend and interest                                                                               
  income                     $  6,770,557  $    409,435   $   1,902,585   $    168,533  $ 1,437,907 

Net gain on sales of                                                                                
  investments                  29,299,005     4,375,662               -     25,120,252     (206,940)

Net increase(decrease)in                                                                            
  unrealized appreciation                                                                           
  of plan assets held                                                                               
  at year end                  77,327,126    (5,326,207)              -     85,422,910   (2,524,350)
                             ------------  ------------   -------------   ------------  ----------- 
                              113,396,688      (541,110)      1,902,585    110,711,695   (1,293,383)
                             ------------  ------------   -------------   ------------  ----------- 

Contributions:                                                                                      
  Participants                 29,399,107     2,769,580       4,946,044     10,679,071    3,612,930 
  Employer                     11,889,585             -               -     11,889,585            - 
                             ------------  ------------   -------------   ------------  ----------- 
    Total contributions        41,288,692     2,769,580       4,946,044     22,568,656    3,612,930 
                             ------------  ------------   -------------   ------------  ----------- 

Interest on participant                                                                             
  loans                           568,154        22,112          57,491        322,777       55,836 
Participant net transfers               -      (582,065)    (10,369,778)    18,371,930   (1,352,300)
Liquidations/transfers                                                                              
  to new funds                          -   (49,137,149)   (108,226,812)             -   49,137,149 
                             ------------  ------------   -------------   ------------  ----------- 
    Total                     155,253,534   (47,468,632)   (111,690,470)   151,975,058   50,160,232 
                             ------------  ------------   -------------   ------------  ----------- 

Distributions to terminated                                                                         
  and withdrawing                                                                                   
  participants                 27,907,619     1,227,331       4,409,943     17,784,981      863,386 
Administrative expenses           124,941        64,023              64         14,878       17,198 
                             ------------  ------------   -------------   ------------  ----------- 

    Change in plan equity     127,220,974   (48,759,986)   (116,100,477)   134,175,199   49,279,648 
                             ------------  ------------   -------------   ------------  ----------- 

Plan equity:                                                                                        
  Beginning of year           445,252,793    48,759,986     116,100,477    280,392,330            - 
                             ------------  ------------   -------------   ------------  ----------- 

  End of year                $572,473,767  $          -   $           -   $414,567,529  $49,279,648 
                             ============  ============   =============   ============  =========== 


                                                        (Continued on next page)

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CAPITAL CITIES/ABC, INC. SAVINGS & INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS 

DECEMBER 31, 1994 AND 1993

(4)  Investments (continued)                                                    
-----------                                                           

Combining Statements of Income and Changes in Plan Equity 
--------------------------------------------------------- 
December 31, 1994 
----------------- 

                                                        [Enlarge/Download Table]


                                                                       Institutional 
                              Retirement                                   Short     
                                 Money                     Growth &     Intermediate 
                                Market       Magellan       Income       Government  
                               Portfolio       Fund       Portfolio      Portfolio   
                             -------------  -----------  ------------  --------------
                                                                                     

Dividend and interest                                                                
  income                     $  2,092,691   $    19,213  $   556,005     $   184,188 

Net gain on sales of                                                                 
  investments                           -        20,869       (1,263)         (9,575)

Net increase (decrease) in                                                           
  unrealized appreciation                                                            
  of plan assets held at                                                             
  year end                              -       393,279     (488,677)       (149,829)
                             ------------   -----------  -----------     ----------- 
                                2,092,691       433,361       66,065          24,784 
                             ------------   -----------  -----------     ----------- 

Contributions:                                                                       
  Participants                  1,371,395     3,210,364    2,153,553         656,170 
  Employer                              -             -            -               - 
                             ------------   -----------  -----------     ----------- 
    Total contributions         1,371,395     3,210,364    2,153,553         656,170 
                             ------------   -----------  -----------     ----------- 

Interest on participant                                                              
  loans                            31,057        45,331       26,079           7,471 
Participant net transfers     (68,522,576)   29,319,384   22,683,504      10,451,901 
Liquidations/transfers                                                               
  to new funds                108,226,812             -            -               - 
                             ------------   -----------  -----------     ----------- 
   Total                       43,199,379    33,008,440   24,929,201      11,140,326 
                             ------------   -----------  -----------     ----------- 

Distributions to terminated                                                          
  and withdrawing                                                                    
  participants                  2,450,487       269,544      254,039         647,908 
Administrative expenses            15,915         3,553        4,309           5,001 
                             ------------   -----------  -----------     ----------- 

    Change in plan equity      40,732,977    32,735,343   24,670,853      10,487,417 
                             ------------   -----------  -----------     ----------- 

Plan equity:                                                                         
  Beginning of year                     -             -            -               - 
                             ------------   -----------  -----------     ----------- 

  End of year                $ 40,732,977   $32,735,343  $24,670,853     $10,487,417 
                             ============   ===========  ===========     =========== 


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CAPITAL CITIES/ABC, INC. SAVINGS & INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS 

DECEMBER 31, 1994 AND 1993

(4)  Investments (continued)                                                    
-----------                                                           

Combining Statement of Financial Condition
------------------------------------------
December 31, 1993 
----------------- 

                                                        [Enlarge/Download Table]


                                                 Capital Cities/                             
                                                    ABC, Inc.      Diversified     Fixed     
                                                   Common Stock      Equity       Interest   
ASSETS                             Total Funds         Fund           Fund          Fund     
------                             ------------  ----------------  -----------  ------------ 
                                                                                             

Investments, at market                                                                       

Equity Securities:                                                                           
Capital Cities/ABC, Inc.                                                                     
  common stock                     $279,231,572     $279,231,572*  $         -  $          - 
Other                                42,377,131                -    42,377,131             - 
                                   ------------     ------------   -----------  ------------ 

     Total equity securities        321,608,703      279,231,572    42,377,131             - 
                                   ------------     ------------   -----------  ------------ 

Other investments:                                                                           
Bankers Trust Pyramid Directed                                                               
 Account Cash Fund                    3,797,926           53,311     3,720,113        24,502 
Funds on deposit with                                                                        
  insurance companies               113,629,385                -             -   113,629,385*
                                   ------------     ------------   -----------  ------------ 
     Total other investments        117,427,311           53,311     3,720,113   113,653,887 
                                   ------------     ------------   -----------  ------------ 
     Total investments              439,036,014      279,284,883    46,097,244   113,653,887 
                                   ------------     ------------   -----------  ------------ 

Participant loans                     9,093,543        5,649,738       867,763     2,576,042 
Interest and dividends                                                                       
  receivable                            305,971           26,968        74,649       204,354 
Due from Capital Cities/                                                                     
  ABC, Inc.                           2,260,057       (1,777,944)    2,382,983     1,655,018 
                                   ------------     ------------   -----------  ------------ 

     TOTAL ASSETS                  $450,695,585     $283,183,645   $49,422,639  $118,089,301 
                                   ============     ============   ===========  ============ 

LIABILITIES AND PLAN EQUITY                                                                  
---------------------------                                                                  

Due to terminated and withdrawing                                                            
 participants                      $  4,983,927     $  2,791,315   $   203,788  $  1,988,824 
Payables for purchases of                                                                    
 investments                            458,865                -       458,865             - 
Plan equity                         445,252,793      280,392,330    48,759,986   116,100,477 
                                   ------------     ------------   -----------  ------------ 

     TOTAL LIABILITIES                                                                       
     AND PLAN EQUITY               $450,695,585     $283,183,645   $49,422,639  $118,089,301 
                                   ============     ============   ===========  ============ 


* Individual investment representing 5% or more of the Plan's net assets.       

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CAPITAL CITIES/ABC, INC. SAVINGS & INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS 

DECEMBER 31, 1994 AND 1993

(4)  Investments (continued)                                                    
-----------                                                           

Combining Statement of Income and Changes in Plan Equity
--------------------------------------------------------
December 31, 1993 
----------------- 

                                                        [Enlarge/Download Table]


                                              Capital Cities/                             
                                                  ABC, Inc.    Diversified     Fixed      
                                                Common Stock     Equity       Interest    
                                Total Funds         Fund          Fund          Fund      
                                ------------  ---------------    -----------  ------------
                                                                                          

Dividend and interest income    $  8,682,497   $    127,550    $   886,313  $  7,668,634  

Net gain on sales of                                                                      
  investments                     14,817,760      5,331,485      2,988,256     6,498,019  

Net increase in unrealized                                                                
  appreciation of plan assets                                                             
  held at year end                45,286,295     45,232,085         54,210             -  
                                ------------   ------------    -----------  ------------  
                                  68,786,552     50,691,120      3,928,779    14,166,653  
                                ------------   ------------    -----------  ------------  
Contributions:                                                                            
  Participants                    25,143,822      5,716,341      7,541,631    11,885,850  
  Employer                        11,198,503     11,198,503              -             -  
                                ------------   ------------    -----------  ------------  
    Total contributions           36,342,325     16,914,844      7,541,631    11,885,850  
                                ------------   ------------    -----------  ------------  

Interest on participant loans        565,127        363,265         56,512       145,350  
Participant transfers                      -     (3,651,421)     1,588,091     2,063,330  
                                ------------   ------------    -----------  ------------  
   Total                         105,694,004     64,317,808     13,115,013    28,261,183  
                                ------------   ------------    -----------  ------------  

Distributions to terminated                                                               
  and withdrawing participants    34,531,592     19,296,055      3,654,193    11,581,344  

Administrative expenses              232,642              -        232,642             -  
                                ------------   ------------    -----------  ------------  

    Change in plan equity         70,929,770     45,021,753      9,228,178    16,679,839  
                                ------------   ------------    -----------  ------------  

Plan equity:                                                                              
  Beginning of year              374,323,023    235,370,577     39,531,808    99,420,638  
                                ------------   ------------    -----------  ------------  

  End of year                   $445,252,793   $280,392,330    $48,759,986  $116,100,477  
                                ============   ============    ===========  ============  


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CAPITAL CITIES/ABC, INC. SAVINGS & INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS 

DECEMBER 31, 1994 AND 1993

(5)  Termination of the Plan                                                    
-----------------------                                               

Although Capital Cities/ABC has not expressed any intent to terminate the Plan, 
it may be terminated at any time by action of its Board of Directors, subject to
the provisions of ERISA. In the event of termination, the amounts credited to   
the participants' accounts become fully vested and the Trustee is required to   
distribute such amounts to participants or continue the trust fund and pay      
benefits therefrom in accordance with the provisions of the Plan.               

(6)  Income Tax Status                                                          
-----------------                                                     

The Internal Revenue Service ("IRS") advised Capital Cities/ABC on March 24,    
1989 that the Plan is qualified under Section 401(a) of the Internal Revenue    
Code ("IRC"), and therefore, its related trust is exempt from Federal income    
taxes under the provisions of Section 501(a) of the IRC. In 1994, the Plan was  
submitted to the IRS for a new determination which would apply to the amended   
Plan's continued qualified status under Section 401(a) of the IRC.  The Plan has
been amended to comply with certain legislative and regulatory changes.         

Participants are not subject to Federal income tax on employer contributions    
made to their accounts under the Plan, or on the earnings in their accounts,    
until amounts in their accounts are withdrawn or distributed.                   

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SUPPLEMENTAL SCHEDULES

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CAPITAL CITIES/ABC, INC. SAVINGS & INVESTMENT PLAN

ITEM 27(A) - ASSETS HELD FOR INVESTMENT 

DECEMBER 31, 1994 

                                                                [Download Table]

                                         NUMBER                     MARKET   
                                        OF UNITS       COST         VALUE    
                                       ----------  ------------  ------------
Fidelity Management Trust Company Funds:                                     

                                                                             
  Capital Cities/ABC, Inc. Common                                            
    Stock Fund                         35,153,782  $178,911,112  $404,971,567

  Asset Manager                         3,439,068    50,086,655    47,562,305

  Retirement Money Market Portfolio    37,572,634    37,572,634    37,572,634

  Magellan Fund                           480,246    31,687,157    32,080,436

  Growth & Income Portfolio             1,148,987    24,720,813    24,232,136

  Institutional Short-Intermediate                                           
    Government Portfolio                1,125,485    10,481,785    10,331,956
                                                   ------------  ------------

                                                   $333,460,156  $556,751,034
                                                   ============  ============


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CAPITAL CITIES/ABC, INC. SAVINGS & INVESTMENT PLAN

SINGLE TRANSACTIONS IN EXCESS OF 5% OF THE CURRENT VALUE OF PLAN ASSETS 

YEAR ENDED DECEMBER 31, 1994

                                                        [Enlarge/Download Table]

                                            Cost of                   Cost of          
                                          Investment    Proceeds    Investment   Gain/ 
Shares       Description of Investment     Purchased    from Sale    Disposed    (Loss)
------      ----------------------------  -----------  -----------  -----------  ------
                                                                                       

67,517,464  AETNA Life Group Annuity      $         -  $67,517,464  $67,517,464  $    -
            Contract (2.91%)                                                           

42,498,121  Bankers Trust Pyramid          42,498,121            -            -       -
            Directed Account Cash Fund                                                 

49,047,823  Bankers Trust Pyramid                   -   49,047,823   49,047,823       -
            Directed Account Cash Fund                                                 

36,208,300  Metropolitan Life Group                 -   36,208,300   36,208,300       -
            Annuity Contract (6.31%)                                                   

39,084,310  Metropolitan Life Group                 -   39,084,310   39,084,310       -
            Annuity Contract (6.44%)                                                   

39,084,310  Metropolitan Life Group        39,084,310            -            -      - 
            Annuity Contract (6.31%)                                                   

There were no category (ii) or (iv) reportable transactions during 1994.        

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CAPITAL CITIES/ABC, INC. SAVINGS & INVESTMENT PLAN

SERIES OF TRANSACTIONS IN EXCESS OF 5% OF THE CURRENT VALUE OF PLAN ASSETS

YEAR ENDED DECEMBER 31, 1994

                                                                [Download Table]


                                                      Total                 
                                       Type of      Number of     Purchase  
Description of Investments           Transaction  Transactions      Price   
--------------------------           -----------  ------------  ------------
                                                                            

Bankers Trust Pyramid Directed       Purchases             128  $ 81,692,040
Account Cash Fund                    Sales                  73             -

Aetna Life Group Annuity             Purchases               -             -
Contract (2.91%)                     Sales                   8             -

Metropolitan Life Group              Purchases               -             -
Annuity Contract (6.44%)             Sales                   1             -

Metropolitan Life Group              Purchases               7    40,061,700
Annuity Contract (6.31%)             Sales                   7             -

Capital Cities/ABC, Inc.             Purchases              74   194,207,149
Common Stock Fund                    Sales                  67             -

Asset Manager                        Purchases              71    77,046,581
                                     Sales                  65             -

Retirement Money Market Portfolio    Purchases              81   114,856,427
                                     Sales                  72             -

Magellan Fund                        Purchases              61    33,880,147
                                     Sales                  58             -

Growth & Income Portfolio            Purchases              60    26,176,961
                                     Sales                  57             -


There were no category (ii) or (iv) reportable transactions during 1994.        

                                                        (Continued on next page)

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CAPITAL CITIES/ABC, INC. SAVINGS & INVESTMENT PLAN

SERIES OF TRANSACTIONS IN EXCESS OF 5% OF THE CURRENT VALUE OF PLAN ASSETS

YEAR ENDED DECEMBER 31, 1994

                                                                [Download Table]


                                                     Cost                  
                                     Redemption   Investments    Realized  
Description of Investments              Price        Sold      Gain/(Loss) 
-----------------------------------  -----------  -----------  ------------
                                                                           

Bankers Trust Pyramid Directed       $         -  $         -  $         - 
Account Cash Fund                     85,489,927   85,489,927            - 

Aetna Life Group Annuity                       -            -            - 
Contract (2.91%)                      75,626,288   75,626,288            - 

Metropolitan Life Group                        -            -            - 
Annuity Contract (6.44%)              39,084,310   39,084,310            - 

Metropolitan Life Group                        -            -            - 
Annuity Contract (6.31%)              40,061,700   40,061,700            - 

Capital Cities/ABC, Inc.                       -            -            - 
Common Stock Fund                     32,029,546   15,659,184   16,370,362 

Asset Manager                                  -            -            - 
                                      26,702,780   26,992,831     (290,051)

Retirement Money Market Portfolio              -            -            - 
                                      77,210,423   77,210,423            - 

Magellan Fund                                  -            -            - 
                                       2,213,832    2,193,955       19,877 

Growth & Income Portfolio                      -            -            - 
                                       1,454,858    1,458,746       (3,888)


There were no category (ii) or (iv) reportable transactions during 1994.        

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CONSENT OF ERNST & YOUNG LLP

We consent to the incorporation by reference in the Registration Statement (Form
S-8 No 33-2196) pertaining to the Capital Cities/ABC, Inc. Savings & Investment 
Plan and in the related Prospectus of our report dated March 17, 1995, with     
respect to the financial statements and schedules of the Capital Cities/ABC,    
Inc. Savings & Investment Plan included in this Annual Report (Form 11-K) for   
the year ended December 31, 1994.                                               

                                                   ERNST & YOUNG LLP

New York, New York                                                              
March 17, 1995

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘10-K’ Filing	Date	First	Last	Other Filings

Filed on:	3/29/95
	3/17/95	2	23
	1/1/95	8
For Period End:	12/31/94	1	23
	6/1/94	8	10
	5/31/94	8
	12/31/93	3	17	10-K
				List all Filings

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Filing Submission 0000950130-95-000586 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Capital Cities Abc Inc/NY – ‘10-K’ for 12/31/94 – EX-99.A

As of: Wednesday, 3/29/95 · For: 12/31/94 · Accession #: 950130-95-586 · File #: 1-04278

Previous ‘10-K’: ‘10-K’ on 3/30/94 for 12/31/93 · Latest ‘10-K’: This Filing

Annual Report — Form 10-KFiling Table of Contents

EX-99.A — Form 11-K for the CompanyExhibit Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

Annual Report — Form 10-K
Filing Table of Contents

EX-99.A — Form 11-K for the Company
Exhibit Table of Contents