TELEVISION: For Gold Or for Broke?

Ever since Laurence Tisch became chief executive of CBS in 1986, tight budgets have become a way of life at the network. So the news last week that CBS had outbid all rivals for the TV rights to the 1992 Winter Olympics in Albertville, France, came as a surprise. CBS will pay $243 million for its first Olympics since 1960. The bid seemed inordinately high to industry experts, in part because of the other networks' diffidence: NBC offered $175 million plus half of any advertising profits in excess of $325 million, while ABC, which paid $309 million for the Calgary Games...