Focus on Entertainment Stocks

Spotlight on Turner Broadcasting System: Ted Turner’s TBS posted a nearly 20% increase in revenue in fiscal 1992, although profit dipped nearly 10%. Commenting on the company’s recent acquisitions, analyst Mary Kukowski of First Boston said: “They want to become a major provider of entertainment programming to Europe, Asia and Latin America. To accomplish this, they must freshen up their software--much of which now predates 1950. The purchase of Castle Rock and New Line will do just that.”

Major Properties

* Cable networks: CNN, Headline News, TNT, TBS, Cartoon Network

* Film libraries: 4,000 films, 3,000 half-hour Hanna-Barbera cartoons

* Sports: Atlanta Braves, Hawks

* CNN International: 24-hour news service in over 140 countries

Financial Data

* Market capitalization: $6.0 billion

* Cash: $126.3 million

* Long-term debt: $1.7 billion

* 1992 revenue: $1.8 billion

* 1992 profit: $77.6 million

* Earnings per share: $0.30