ABC and Capital Cities Communications began striking deals last week for the three Capcities television stations--WTNH-TV New Haven, Conn.; WFTS(TV) Tampa, Fla., and WKBW-TV Buffalo, N.Y.--and ABC's WXYZ-TV Detroit, which are being spun off to comply with FCC crossownership regulations. The spin-off agreements are all contingent upon the successful completion of the merger, expected in early 1986. Last Friday (July 26) also represented the deadline for bids for 15 radio properties the companies are also spinning off.

The four television properties to be spun off will bring approximately $485 million, almost half the $1 billion or more the two companies estimate they will raise in spinoff sales. They have said that the proceeds from the sales will be used to pay off some debt incurred in buying out ABC's stockholders.

Two of the TV properties--WXYZ-TV Detroit and WFTS(TV) Tampa--have been sold to Scripps Howard Broadcasting Co., for a combined $246 million. Sources confirmed that about $200 million is to be paid for WXYZ-TV (close to 15 times earnings) and about $46 million for...