The Two Real Life Dramas At Cap Cities/Abc

Tom Murphy was playing to a tough crowd. The chairman of Capital Cities/ABC had been invited to speak at a media conference sponsored by investment bank Allen & Co. in Sun Valley, Idaho. But the talk of the meeting was Barry Diller, who had announced a dazzling merger of QVC and CBS, only to see it scuttled two days before Murphy's July 14 speech. How could Murphy possibly top that?

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