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
British Broadcasting Company British Broadcasting Company The British Broadcasting Company Ltd (BBC) was a British commercial company formed on 18 October 1922 by British and American electrical companies doing business in the United Kingdom (and anxious to build sales of their products by ensuring that there were radio broadcasts to which their radio-buying customers could listen) and licensed by the British General Post Office. Its original office was located on the second floor of Magnet House, the GEC buildings in London and consisted of a room and a small antechamber. On 14 December 1922, John Reith was hired to become the Managing Director