Vargas Replaces Walters

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Elizabeth Vargas has been named co-anchor of ABC's 20/20, replacing Barbara Walters on the broadcast when the show resumes in the fall.

She has been seen as a real comer at ABC News, where she has been a correspondent for 20/20, anchor for 20/20 Downtown and an anchor for World News Saturday. She also has frequently sat in for nightly news anchor Peter Jennings.