ABC News

ABC News is the news division for the American Broadcast Company (ABC), which the Walt Disney Company owns. Disney acquired ABC/Capital Cities, Inc. for $19 billion on July 31, 1995. Capital Cities had owned ABC since 1986, when it purchased the network for $3.5 billion. At the time, it was the second largest corporate merger in U.S. history. It combined the power of Disney’s film studios with ABC’s broadcast channels, including ESPN. Revenue jumped more than 70% over the next decade, including a 50% increase in earnings per share. This entry discusses the origins of ABC News, the development of TV news, ABC’s venture into the digital arena, an attempted merger with CNN, and ABC News Live.