24 Jan.

New York courts acquit Time magazine of libel in a suit filed by Israeli politician Ariel Sharon.

18 Feb.

Former commander of American forces in Vietnam, Gen. William Westmoreland, drops a $120 million libel suit against CBS.

4 Mar.

The avant-garde publisher Grove Press is bought by Britain's Weidenfeld Limited, for $2 million.

8 Mar.

The New Yorker magazine is bought by Newhouse Publications for $142 million.

18 Mar.

Capital Cities Communications buys the American Broadcasting Corporation (ABC) for $3.5 billion.

The U.S. Court of Appeals rules that the FCC's "must carry" provisions, which require cable systems to carry local broadcast stations, are a violation of the First Amendment.

Dec.

General Electric buys the Radio Corporation of America (RCA) and the National Broadcasting Company (NBC) for $6.3 billion.