Capital Cities/ABC Inc.

Morning Session - 2016 Meeting

“there were a company, really good companies, one of them which was Cap Cities, for example, that Tom Murphy ran. It was selling it a huge discount to what it was worth.”

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“the best managed company I knew in the United States, capital cities was selling a third of what it was worth”

Morning Session - 2012 Meeting

“Tom Murphy ran one of the most successful companies the world's ever seen. And in the early 1970s, his stock was selling for about a third”

Afternoon Session - 1999 Meeting

“You mentioned Cap Cities. Parts of Cap Cities have done extraordinarily well, for example.”

Morning Session - 1997 Meeting

“he was formerly on the board of Cap Cities before he took his job with the Fed and Cap Cities ABC”

Morning Session - 1996 Meeting

“we had major changes in the composition of the company immediately after the end of the year. So our capital city stock disappeared.”

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“Could you talk about the thoughts that went into your decision to swap your Capital Cities stock for Disney”

1995 Berkshire Hathaway Shareholder Letter

“to meet Tom Murphy, CEO of Cap Cities/ABC, for a golf game.”

1995 Berkshire Hathaway Shareholder Letter

“don't later be as dumb as I was two years ago when I sold one-third of our holdings in Cap Cities for $635 million”

1995 Berkshire Hathaway Shareholder Letter

“I believe both Disney and Cap Cities will benefit from the fact that we all serendipitously met that day.”

Morning Session - 1995 Meeting

“only deal we've had with a company that had to be approved by the shareholders was when we bought the Cap Cities ABC stock well we bought early in 1986”

1994 Berkshire Hathaway Shareholder Letter

“Late in 1993 I sold 10 million shares of Cap Cities at $63; at year-end 1994, the price was $85.25”

Morning Session - 1994 Meeting

“company's investment in the stock of Cap Cities. It's been my understanding in the past that that was regarded as one of the four”

Morning Session - 1994 Meeting

“we did participate in the Cap Cities, tender offer...We still are by far the largest shareholder of Cap Cities. We think it's a superbly run operation”

Morning Session - 1994 Meeting

“He was on the Board of Cap City some years ago, and I know him a bit”

Morning Session - 1994 Meeting

“We've always, most of the time we've favored Cap Cities buying in its stock, and it's bought in a fair amount of stock”

Morning Session - 1994 Meeting

“why you sold a portion of CAP cities? We thought that it was a good idea for CAP cities to have a tender offer”

1993 Berkshire Hathaway Shareholder Letter

“in 1986 we bought three million shares of Capital Cities/ABC for $172.50 per share and late last year sold one-third of that holding for $630 per share”

1992 Berkshire Hathaway Shareholder Letter

“Capital Cities/ABC Inc. ....... 18.2% 18.1% $ 70 $ 61”

1991 Berkshire Hathaway Shareholder Letter

“Capital Cities/ABC Inc. ........ 18.1% 17.9% $ 61 $ 85”

1991 Berkshire Hathaway Shareholder Letter

“The strong balance sheets and strong managements of Cap Cities and Washington Post leave us more comfortable with these investments”

1991 Berkshire Hathaway Shareholder Letter

“large, but not controlling, blocks of stock comparable to those we hold in Capital Cities, Salomon, Gillette, USAir, Champion, and American Express”

1989 Berkshire Hathaway Shareholder Letter

“we hold in Capital Cities, Salomon, Gillette, USAir and Champion”

1988 Berkshire Hathaway Shareholder Letter

“large, but not controlling, blocks of stock comparable to those we hold in Cap Cities and Salomon”

1987 Berkshire Hathaway Shareholder Letter

“At our three marketable-but permanent holdings, this point is moot: With Tom Murphy and Dan Burke at Cap Cities, Bill Snyder and Lou Simpson at GEICO, and Kay Graham and Dick Simmons at The Washington”

1987 Berkshire Hathaway Shareholder Letter

“large, but not controlling, blocks of stock comparable to those we hold in Cap Cities and Salomon”

1986 Berkshire Hathaway Shareholder Letter

“it also has a significant positive effect on two of our three major investees, Capital Cities/ABC and The Washington Post Company”

1986 Berkshire Hathaway Shareholder Letter

“our three major investment holdings - Cap Cities, GEICO, and Washington Post - at yearend had a market value of over $1.7 billion”

1985 Berkshire Hathaway Shareholder Letter

“our purchase of a major position in Capital Cities/ABC”

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“the takeover of ABC by Capital Cities. Warren will be the largest shareholder of the new company”

1985 Berkshire Hathaway Shareholder Letter

“Our purchase of stock helped Cap Cities finance the $3.5 billion acquisition of American Broadcasting Companies.”

1985 Berkshire Hathaway Shareholder Letter

“Our Cap Cities purchase was made at a full price, reflecting the very considerable enthusiasm for both media stocks and media properties”