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
Edward J. Barcalo Barcalo received patents for both canned synthetic snow and Mint flavored ice cream. Edward J. Barcalo Edward Joel Barcalo (1870–1963) was an American businessman, noted for founding the Barcalo Manufacturing Company, perhaps best known for the Barcalounger. He was born in Mt. Morris, in the state of New York. Living in Buffalo, New York, Barcolo founded the Barcalo Manufacturing Company in 1896: it originally produced tools, but expanded into the furniture market. By the early 1950s the company had over 550 employees. In 1916, he was serving as the president of the Associated Manufacturers of New York State. Barcalo received