April 26, 2018 7:00 AM ET

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Company Overview of American Broadcasting Companies, Inc.

Company Overview

American Broadcasting Companies, Inc. operates television and radio networks in the United States. American Broadcasting Companies, Inc. was formerly known as American Broadcasting-Paramount Theaters, Inc. and changed its name to American Broadcasting Companies, Inc. in 1965. The company was founded in 1953 and is based in New York, New York. American Broadcasting Companies, Inc. operates as a subsidiary of The Walt Disney Company.

77 West 66th Street

New York, NY 10023

United States

Founded in 1953

Phone:

212-456-7777

Fax:

212-456-6908

Key Executives for American Broadcasting Companies, Inc.

American Broadcasting Companies, Inc. does not have any Key Executives recorded.

American Broadcasting Companies, Inc. Key Developments

Walt Disney Co Pays USD 177 Million to Settle 'Pink Slime' Case

Walt Disney Co paid USD 177 million, in addition to insurance recoveries, to settle the closely watched 'pink slime' defamation case against its ABC network by Beef Products Inc. Privately-held BPI sued American Broadcasting Company (ABC) in 2012 for USD 5.7 billion, saying it and reporter Jim Avila had defamed the company by using the 'pink slime' tag, and making errors and omissions in a series of reports that year. Disney and BPI, which calls the product 'lean finely textured beef', came to an undisclosed settlement in June, 3-1/2 weeks after a trial began in South Dakota, where BPI is based. Disney reported the settlement of the litigation in a footnote to its financial report, saying it was seeking additional insurance proceeds to recover its cash payment. The financial tables show a charge of USD 177 million described as being 'in connection with settlement of litigation'. The figure is not directly linked to the 'pink slime' case, but the BPI litigation is the only one Disney specifies in the report. Reuters could not immediately reach Disney and an attorney for BPI for comment. In a statement in June, ABC said it stood by its reporting. After the case was settled, Avila said the company was not retracting his stories or apologizing, and his 2012 'pink slime' reports remained on the ABC News website. BPI's signature product, commonly mixed into ground beef, is made from beef chunks, including trimmings, and exposed to bursts of ammonium hydroxide to kill E. coli bacteria and other contaminants.

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