American Broadcasting Company a proposal for UPT to purchase ABC. Noble received other offers, including one from CBS founder William S. Paley; however, a merger with CBS would have forced that network to sell its New York City and Los Angeles stations at the very least. Goldenson and Noble reached a tentative agreement in the late spring of 1951 in which UPT would acquire ABC and turn it into a subsidiary of the company that would retain autonomy in its management. On June 6, 1951, the tentative agreement was approved by UPT's board of directors. However, the transaction had to be approved by
Capitol Broadcasting Company for $18 million; the deal was completed on April 17. Notes:<br> Note: "Stations operated within the Wilmington radio station cluster are operated under the name Sunrise Broadcasting;" Capitol Broadcasting Company The Capitol Broadcasting Company (CBC) is an American media company based in Raleigh, North Carolina. Capitol owns three television stations and nine radio stations in the Raleigh-Durham and Wilmington areas of North Carolina and the Durham Bulls minor league baseball team. A.J. Fletcher founded the Capitol Broadcasting Company in 1937, when he founded Raleigh radio station WRAL (1240 AM, now WPJL). WRAL radio began transmission two years later in 1939,