Paramount Communications Inc.: The publishing and entertainment...

Paramount Communications Inc.: The publishing and entertainment company said its fourth-quarter earnings tumbled to $110.5 million from $1.23 billion in the year-ago period, when results were fattened by a gain on the sale of its finance business. Revenue rose 21.8% to $1.18 billion in the fourth quarter from $969 million, excluding revenue from the financial unit in 1989. The firm cited lower earnings in its motion picture and theater operations and the renovation of Madison Square Garden for the drop.

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