Thomas Murphy: As Head of Capital Cities Communications He Stunned Wall Street By Buying the Much Larger ABC

From a New York Times obit by Douglas Martin headlined “Thomas S. Murphy, Broadcasting ‘Minnow’ Who Swallowed ABC, Dies at 96”:

Thomas S. Murphy, who as chairman and chief executive of Capital Cities Communications stunned Wall Street in 1985 by acquiring the much larger American Broadcasting Company for $3.5 billion, then 10 years later startled Wall Street again by selling the resultant company to Disney for $19 billion, died at his home in Rye, N.Y….

Mr. Murphy’s business success can be summed up in a single statistic: Capital Cities stock increased in value 2,000 times between 1957, when the company first sold stock to the public, and 1995, when Disney bought it.