American Broadcasting Company which were related to advertising and were indexed compared to the number of listeners/viewers, failed to compensate for its heavy investments in purchasing and building stations. In 1951, a rumor even mentioned that the network would be sold to CBS. In 1951, Noble held a 58% ownership stake in ABC, giving him $5 million with which to prevent ABC from going bankrupt; as banks refused further credit, that amount was obtained through a loan from the Prudential Insurance Company of America. Leonard Goldenson, the president of UPT (which sought to diversify itself at the time), approached Noble in 1951 on
Australian Broadcasting Company Australian Broadcasting Company The Australian Broadcasting Company Pty. Ltd. was a company founded in Melbourne in 1924 with a capital of ₤100,000 by a consortium of entertainment interests, notably Farmer & Company, J. C. Williamson Limited and J. & N. Tait to found and operate commercial radio broadcasting stations. Other major shareholders, perhaps later entrants, were Union Theatres Limited, B & J. Fuller and J. Albert & Son. Directors were Stuart Doyle, Frank Albert and Sir Benjamin Fuller. In 1929 the company won the contract to supply radio programmes for broadcast on the "A-class" transmitters contracted to the Federal Government's