In December 1984, Thomas S. Murphy, chief executive officer of Capital Cities Communications, contacted Leonard Goldenson about a proposal to merge their respective companies. On March 16, 1985, ABC's executive committee accepted the merger offer, which was formally announced on March 18, 1985, with Capital Cities purchasing ABC and its related properties for $3.5 billion and $118 for each of ABC's shares as well as a guarantee of 10% (or $3) for a total of $121 per share. To finance the purchase, Capital Cities borrowed $2.1 billion from a consortium of banks, which sold certain assets that Capital Cites could not acquire or retain due to FCC ownership rules for a combined $900 million and sold off several cable television systems, which were sold to The Washington Post Company (forming the present-day Cable One). The remaining $500 million was loaned by Warren Buffett, who promised that his company Berkshire Hathaway would purchase $3 million in shares, at $172.50 apiece. Due to an FCC ban on same-market ownership of television and radio stations by a single company (although the deal would have otherwise complied with new ownership rules implemented by the FCC in January 1985, that allowed broadcasters to own a maximum of 12 television stations), ABC and Capital Cities respectively decided to sell WXYZ-TV and Tampa independent station WFTS-TV to the E. W. Scripps Company (although Capital Cities/ABC originally intended to seek a cross-ownership waiver to retain WXYZ and Capital Cities-owned radio stations WJR and WHYT).