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. Noble 1958, after several months of illness. In 1943, Noble bought the St. Catherines Island on the coast of Georgia; in 1968, ten years after his death, the island was transferred to the Edward J. Noble Foundation. The island is now owned by the St. Catherines Island Foundation, and the island's interior is operated for charitable, scientific, literary, and educational purposes. The foundation aims to promote conservation of natural resources, the survival of endangered species, and the preservation of historic sites, and to expand human knowledge in the fields of ecology, botany, zoology, natural history, archaeology, and other scientific and educational