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
American Broadcasting Company and the brand associated with the Blue Network. Investment firm Dillon, Read & Co. offered $7.5 million to purchase the network, but the offer was rejected by Woods and RCA president David Sarnoff. Edward J. Noble, the owner of Life Savers candy, drugstore chain Rexall and New York City radio station WMCA, purchased the network for $8 million. Due to FCC ownership rules, the transaction, which was to include the purchase of three RCA stations by Noble, would require him to resell his station with the FCC's approval. The Commission authorized the transaction on October 12, 1943. Soon afterward, the